Allowability of write off of accumulated gst credit

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..... Allowability of write off of accumulated gst credit
Query (Issue) Started By: - manish rupani Dated:- 1-7-2023 Last Reply Date:- 3-7-2023 Income Tax
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Income Tax
I would like .....

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..... to know whether accumulated GST credit due to inverted duty structure, of earlier years and also not able to get refund from GST authorities can be claimed as an expense / writing off under section 37 .....

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..... (1) of the Income Tax? If yes, please provide me any supporting documents or case laws. Thank you in advance. Reply By Padmanathan Kollengode: The Reply: In my personal opinion, it is allowable expe .....

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..... nditure and not a prior period expenditure. This is because it becomes expenditure only when it decided to be written off based on the position in GST law. Reply By manish rupani: The Reply: Thanks .....

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..... a lot Shri Padmanathan Kollengode Reply By Charu Tyagi: The Reply: As per Section 37, Any Indirect taxes or any interest thereon shall be allowed as expense subject to section 43 i.e. Payment actua .....

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..... lly made. So, therefore writing off accumulated balance of GST is allowable deduction.
Discussion Forum - Knowledge Sharing .....

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