GST on charges by the banks
This query is : Resolved
17 May 2021
If an assessee isn't allowed to take itc on gst paid on bank charges, then, whether the assessee is allowed to charge full amount (bank charges plus gst paid there on) to P&L A/c?
17 May 2021
if ITC not allowed then trf to P&L a/c
17 May 2021
Yes charge to p&l if the amount has been paid by you
17 May 2021
Why is the assessee not allowed take ITC on bank charges?
17 May 2021
ITC is allowed against the tax invoice or debit note issued by the supplier. In case such debit note/ invoice is available from the supplier the ITC can be claimed.In case claimed you have to reduce the value from the bank charges expense account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- ASMT-10 received from A O
- IT returns for fresh job holders
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
