IF gst and interest on gst is allowed as expenditure under section 36. so , whether the refund of gst is taxable under PGBP or not ?
explain with reason.
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Is gst refund taxable under PGBP?
Replies (2)
Hi Sir,
Actually GST refund which we get is for the GST already paid (same is not expensed out rather it forms part of the Duties and Taxes i.e, Balance Sheet item).
So now gst refund will be adjusted by duties and taxes ledger.
Therefore GST refund will not form part of business income.
Actually GST refund which we get is for the GST already paid (same is not expensed out rather it forms part of the Duties and Taxes i.e, Balance Sheet item).
So now gst refund will be adjusted by duties and taxes ledger.
Therefore GST refund will not form part of business income.
Thank u
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