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.
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