AAR, No ITC on share buyback expenses, reversal required on common inputs: Case of Gujarat Narmada Valley Fertilizers & Chemicals Limited, AAR Gujarat Ruling Dated 25th March 2025. The AAR examined that under Section 2(52) and 2(102) of the CGST Act, securities, including shares, are excluded from the definition of goods and services. It ruled that the applicant is not eligible to avail the ITC involved in the expenditure incurred for buyback of its share and also required to reverse the ITC on common inputs and input services used in relation to the expenditure incurred for buyback of share. (AAR Gujarat Ruling Dated 25/03/2025)