Sales and purchases include GST or not
This query is : Resolved
30 September 2019
While preparing a Trading, profit and loss account, will sales and purchases include GST or not? Can we claim GST in income tax returns as an expense?
CA R SEETHARAMAN
(Expert)
30 September 2019
If you are claiming ITC exclude GST from sales and purchase. GST in income tax returns can be claimed as an expense in case ITC not claimed on it.
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