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Tax paid under gst

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veera

self

289 Points Posted on 01 September 2021

Sir/mam, i am paying a tax on outward supply under gst should i can claim it as an exp under it act.

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Quick Summary

This discussion addresses whether GST paid on outward supplies can be claimed as an expense under the Income Tax Act. While it can be reported in the IT audit report under clause 26, it's generally not considered a deductible expense for the Profit & Loss account as it represents a liability for the supplier.