I am a sole prop. I do not have any input credit. Can I claim the money paid by me towards GST as expense and deduct that from my actual income while filing income tax
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Can I treat GST as expense?
Replies (3)
Yes, you can claim as expense.
If you have paid gst on inputs, and not availing ITC of the same, you can charge it as part of your expense.
Money goes out from your pocket in the form of GST payment and it's not recoverable or adjustable.
So what is it ? it's expense only and it will reduce actual income.
So what is it ? it's expense only and it will reduce actual income.
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