Gujarat AAAR Disallows ITC on Expenses Incurred for Buyback of Shares as Securities are Outside GST Purview
The Gujarat AAAR in Gujarat In the matter of M/s. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. held that the ITC is not admissible on expenses incurred for the buyback of shares, as shares being ‘securities’ do not qualify as goods or services under the GST law, and hence the transaction falls outside the ambit of GST.