Inside Gujarat Appellate AAR order refusing Input Tax Credit claim on buyback expenditure of Gujarat Narmada Valley Fertilizers & Chemical’s shares
Reaffirming the principle that transactions in securities fall outside the ambit of GST, the Gujarat Appellate Authority for Advance Ruling held that ITC on share buyback expenses is inadmissible and must be reversed under Section 17(3) of the CGST Act, 2017.