Answers On Topic: adjustment of GST paid
Section 145A(ii) requires certain adjustments to be made in valuation of Purchase and Sale of Goods and Services and of Inventory for computing Taxable Business Income of a Assessee who is following Exclusive Method of Accounting. Query is:-Whether adjustment is also to be made for GST paid on Purchase of of Fixed Assets and Indirect Expenditure Incurred, when such GST has been debited to GST Account and not to Duties and Taxes Account(Expenditure Account).
► Read Answer
Section 145A(ii) of I.Tax Act 1961