TMI BlogAllowability of write off of accumulated gst creditX X X X Extracts X X X X X X X X Extracts X X X X ..... I would like 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 un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 37(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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , it is allowable expenditure 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 ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pani - The Reply = Thanks 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subject to section 43 i.e. Payment actually made. So, therefore writing off accumulated balance of GST is allowable deduction. - Allowability of write off of accumulated gst credit - Query Starte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d By: - manish rupani Dated:- 1-7-2023 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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