https://www.taxtmi.com/caselaws?id=768315 AAR Gujarat ruled that a listed entity cannot claim ITC on expenditure incurred for buyback of its shares. The authority held that under sections 16 and 17 of CGST Act 2017, ITC is available only on supply of goods or services used in course of business. Since securities are excluded from definitions of both goods and services under sections 2(52), 2(101) and 2(102), the primary condition for ITC availment is not met. The applicant must reverse any ITC claimed on common inputs/services related to share buyback expenditure. en-us Tue, 25 Mar 2025 00:00:00 +0530 Fri, 04 Apr 2025 07:15:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768315 AAR Gujarat ruled that a listed entity cannot claim ITC on expenditure incurred for buyback of its shares. The authority held that under sections 16 and 17 of CGST Act 2017, ITC is available only on supply of goods or services used in course of business. Since securities are excluded from definitions of both goods and services under sections 2(52), 2(101) and 2(102), the primary condition for ITC availment is not met. The applicant must reverse any ITC claimed on common inputs/services related to share buyback expenditure. Case-Laws GST Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768315