Shankit Sharma
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A question may arise whether the above information is to be given in respect of each and every head of expenditure or only the total expenditure is to be given. Here, guidance may be taken from the heading of the table which starts with the words Breakup of total expenditure and hence the total expe
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FAQ :
Clause 44 requires taxpayers to provide a breakdown of their total expenditure, categorising it based on whether the entities from whom goods or services were procured are registered under the GST Act.
No, Clause 44 primarily requires the total expenditure and its breakdown based on GST registration. Head-wise or nature-wise expenditure details are not typically envisaged.
Depreciation, deductions for bad debts, and expenditure related to activities treated as neither supply of goods nor services under Schedule III of the CGST Act, such as employee remuneration, should not be reported under this clause.
Expenditure with GST-registered entities is sub-classified into: expenditure on goods or services exempt from GST, expenditure with entities under the composition scheme, and expenditure with other registered entities.
An exempt supply includes any goods or services that attract nil tax rate, are wholly exempt, or are non-taxable supplies, such as alcoholic liquor for human consumption and certain petroleum products.
The value of all inward supplies of goods and/or services received from persons who are not registered under the GST Act should be reported under this category.
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