Taxman asks companies to reverse credit claimed on IPO expenses

Taxman asks companies to reverse credit claimed on IPO expenses https://ift.tt/Wse3mhl authorities have started issuing notices to these companies, asking them to reverse credit claimed on expenses for listing of the shares, people aware of the matter said. The authorities argue that listing of shares is equivalent to trading of securities, which is an exempted service as per the GST provisions, hence tax credit claimed by the companies should be reversed.