AAR, No ITC on inputs & services for Mutual Fund subscription & redemption: Case of Zydus Lifesciences Limited , AAR Gujarat Ruling Dated 25th March 2025.The AAR examined that securities are excluded from the definition of goods and services. It ruled that the applicant is not eligible to avail ITC of tax paid on inputs & input services used in relation to the subscription and redemption of mutual funds and also required to reverse the ITC on common inputs and input services used in relation to the subscription and redemption of mutual funds as per section 17(2) of CGST Act. (AAR Gujarat Ruling Dated 25/03/2025)