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Is 'gst paid' can be claimed as an expense under income from business and profession ?

19433 views 18 replies
Quick Summary
GST paid is generally not an expense under business income as it is adjusted through Input Tax Credit. Only non-creditable GST or GST under composition scheme may be treated as cost/expense. Excess GST in cash ledger can be claimed as refund via RFD-01. Treatment depends on accounting method.

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5 Points Posted on 11 October 2019
Can any one in detail two methods of gst shown in books
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On 11 October 2019 at 13:14
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5 Points Posted on 11 October 2019

Can one explain it? 

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On 11 October 2019 at 13:16
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GST Practitioner
55067 Points Posted on 20 October 2019

Oh oo ... Got it ..thanks sir

1 Reply
On 20 October 2019 at 09:46
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student
8138 Points Posted on 11 March 2021

Composition dealers cannot claim ITC so they charges GST paid as an expense in P&L A/c

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On 11 March 2021 at 22:51

Summarize this with AI
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