TaxTMI 
TaxTMI 
ITC reversal on securities being derivates
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....TC reversal on securities being derivates<br> Query (Issue) Started By: - Sonali Watve Dated:- 26-4-2023 Last Reply Date:- 3-5-2023 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Trading inco....
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....me earned on derivates i.e. options and futures would be exempt income for purpose of computing reversal under Rule 42 of CGST Rules. Explanation in CGST Rules provides that for sale of securities, va....
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....lue of exempt supply would 1% of sale value. How should the value of supply be calculated for options and futures transactions? Reply By Shilpi Jain: The Reply: 1% of the sale value can be regarded.....
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.... Any challenge with this? Further, whether there is any other exempt supply that you are having or this is the only one? In such a scenario there is a possible interpretation that there is no requir....
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....ement of reversal of credit. Reply By Aditya Gondiker: The Reply: Shilpiji, Can you please elaborate on your response as to why the registered person would not be required to reverse credit if he o....
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....nly had exempted supplies in relation to transaction in securities and no other exempted supplies. Thank you in advance.<br> Discussion Forum - Knowledge Sharing ....