GST Paid whether allowed as expenses

GST Paid whether allowed as expenses https://www.taxtmi.com/forum/issue?id=120368 Recognition for income-tax purposes of GST payments made under a waiver scheme depends on the date of actual payment: payments made before the fiscal year-end are recognised in that fiscal year regardless of the timing of a waiver application or order. Where Input Tax Credit is available, GST is not an expense. Treatment of interest and penalty components may be contested, with a view that such components are not allowable under income-tax law. en-us Tue, 19 Aug 2025 19:28:33 +0530 Wed, 20 Aug 2025 18:23:02 +0530 TaxTMI RSS Generator GST Paid whether allowed as expenses https://www.taxtmi.com/forum/issue?id=120368 Recognition for income-tax purposes of GST payments made under a waiver scheme depends on the date of actual payment: payments made before the fiscal year-end are recognised in that fiscal year regardless of the timing of a waiver application or order. Where Input Tax Credit is available, GST is not an expense. Treatment of interest and penalty components may be contested, with a view that such components are not allowable under income-tax law. Discussion-Forum GST Tue, 19 Aug 2025 19:28:33 +0530 https://www.taxtmi.com/forum/issue?id=120368