Hello Ladies and Gentlemen,
I know that F&O is considered as a business activity in India. I also know that when you are filling ITRs you can account business expenses and depreciation as well. But my question is since it is considered a business, can you get tax credit for GST charged on transactions?
If you are registered under GST on the same PAN, you can claim Input Tax Credit of the GST paid on expenses. In that case, the business expense can be claimed for the amount excluding GST. ITC of GST on expense can be claimed against Output GST.
If you are not registered under GST, you can claim the entire expenses (including GST) as a business expense.