Impact on Income Tax for GST Reversal

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6 Points Posted on 16 September 2022

We take input for some purchase (non-capital goods) against a party whose gst cancelled in fy 2020-2021.

We reverse the ITC in fy 2021-22 and paid with interest.

Now my question is this reversal gst expenses and interest disallowed in income tax ?

Please give suggestion.

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On 16 September 2022 at 18:42 Report
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Quick Summary
This discussion addresses the income tax implications of reversing Goods and Services Tax (GST) Input Tax Credit (ITC). Specifically, it questions whether GST expenses and interest paid due to a GST cancellation in a prior financial year are allowable deductions for income tax purposes when reversed in a subsequent year. The general consensus suggests these should not be disallowed.

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SEO Sai Gr. Hosp.
212535 Points Posted on 16 September 2022

No, should not be disallowed...

1 Reply
On 16 September 2022 at 19:34
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3145 Points Posted on 16 September 2022
@ Dhirajlal sir ,plse check me


the managerial remuneration should not exceed the 11 percentage of net profit...

1. a company having one whole time director, one managing director and manager means the remuneration is 5%.

2. if this person are one or more does not exceed of 10% remuneration


3. if these three persons are which means director manager managing director are partly means 1%

3%



could you please check me and if there is any mistake means please explain me sir
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On 16 September 2022 at 20:02

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