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Tax

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(Querist)
13 June 2020 I file my IT return on presumptive taxation.
My question is Can we reduce total GST paid from total income annually.

PL help at earliest convenience .

Harshad khona
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 June 2020 Yes, you can do it but 8%/6% profit on turnover required for presumptive taxation.
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Harshad Khona

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Harshad Khona (Querist)
14 June 2020 I agree Sir, but I can reduce Gst paid from income arrived at by 8% or 6% of turn over.
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Asha Kanta Sharmapro badge

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Asha Kanta Sharmapro badge (Expert)
14 June 2020 You can not set off GST Paid with 8% or 6% of Tax Calculated.
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Harshad Khona

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Harshad Khona (Querist)
14 June 2020 For my clear under standing.
This means If my turn over is 100000. Then my taxable income is at 8% is 8000.
I have paid GST of 1000/
So what would be my taxable income.
Thanks,
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 June 2020 Your taxable income is 8000 only.
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Harshad Khona

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Harshad Khona (Querist)
14 June 2020 Thank you very much sir.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 June 2020 Welcome................
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