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<h1>Share buybacks and GST: expenses tied to buybacks are not eligible for ITC, and common ITC must be reversed.</h1> The authority held that shares are 'securities' excluded from 'goods' and 'services,' but section 17(3) and the Chapter V rules treat 'transactions in securities' as part of the 'value of exempt supply' for ITC apportionment; therefore GST paid on expenses directly related to a share buyback is not eligible as ITC under section 16(1), and common ITC attributable to both taxable operations and the buyback must be reversed using the prescribed deeming values.
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