Goods and Services Tax – GST – By: – KIRTIKUMAR PUROHIT – Dated:- 14-8-2017 Last Replied Date:- 20-8-2017 – Expenses Under GST Regime Rate of tax under GST on expenses debited to Trading Profit & Loss A/c Sr. No Nature of Expense Rate of Tax Whether registered supplier will levy tax Reverse Charge(If supply is unregistered) Whether Eligible for Input Credit 1 Salaray, wages & bonus paid to employee 0% No No No 2 Electricity bill 0% No No No 3 Water Charges/ Plain Water 0% No No No 4 Bank Interest 0% No No No 5 Professional Tax 0% No No No 6 BMC Tax 0% No No No 7 Building / Property Tax 0% No No No 8 Rent Deposits 0% No No No 9 Other Deposits 0% No No No 10 Petrol / Disel/ CNG/Kerosene Expenses (Motor Spirit) 0% No No No 11 Liquor Expenses 0% No No No 12 Registration Fees (ROF / ROC / RTO etc) 0% No No No 13 Bad Debt 0% No No No 14 Donation 0% No No No 15 Labour Welfare Contribution to Goverment 0% No No No 16 Fine & Penalities 0% No No No 17 Conveyance Expense – Non AC Tax
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Yes Yes Yes 33 Food & Beverages Expense (AC restaurant) 18% Yes Yes No 34 Mineral water 18% Yes Yes Yes 35 Truck/ Tempo Hire Charges 18% Yes Yes Yes 36 Club & Membership fees 18% Yes Yes No 37 Advertisement Charges / Hoarding / Magazine / News Papers / Media 18% Yes Yes Yes 38 AMC Charges 18% Yes Yes Yes 39 Bank Charges – Service charges recovered 18% Yes No Yes 40 Broker Fee & Charges 18% Yes Yes Yes 41 Cancellation Charges 18% Yes Yes Yes 42 Extended Warranty 18% Yes Yes Yes 43 House Keeping Charges 18% Yes Yes Yes 44 Insurance paid on goods & vechile 18% Yes Yes Yes 45 Health Insurance 18% Yes No No 46 Payment to advocate 18% No Yes Yes 47 Loading & Unloading – others/ Hamali 18% Yes Yes Yes 48 Training Expense 18% Yes Yes Yes 49 Payment to Post office for Speed post & parcel post 18% No Yes Yes 50 Postage and Courier Charges 18% Yes Yes Yes 51 Printing & Stationery (Flex Printing, Broad Printing, Notice Printing) 18% Yes Yes Yes 52 Recruitment Expenses
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otel, lodge Above ₹ 7500/- 28% Yes Yes Yes 70 Travelling Expenses International 28% Yes Yes No 71 Amusement Park/ Theatre Ticket 28% Yes Yes Yes 72 Cold drink 40% Yes Yes No 73 Repairs & maintainance Charges if it has not resulted into immovable property 18% / 28% Yes Yes Yes 74 Electrical Fittings 18% / 28% Yes Yes No 75 Staff Uniform Expenses 5% / 12% Yes Yes Yes 76 Packing material & Packing Charges 5%/ 12% 18% Yes Yes Yes 77 Plant & Machinery Actual Rate Yes Yes Refer Note 3 78 Furniture & Fixture Yes Yes Refer Note 3 79 Motor Car Yes Yes No 80 Building Yes Yes No 81 Office Equipment including Computer, Software & Hardware Yes Yes Refer Note 3 82 Free Gift given to staff (Exempt upto ₹ 50000/- per staff p.a) Applicable Rate Yes Yes No 83 Free Gift given to staff (Above ₹ 50000/- per staff p.a) Yes Yes Yes 84 Divali/ New year Gift purchased & debited to P & L Yes Yes Yes Notes: 1) If repair & maintainance expenses resulted into immov
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or services or both debited to Trading A/c or expenses debited to Profit & Loss A/c or purchase of any asset obtained from unregistered suppliers is less than ₹ 5000/- in a day, then tax is not required to be paid for such inward supplies by the receiptent for that particular day. 7) Details of all purchase of goods or services debited to Trading A/c or purchase of any fixed asset are required to be submitted in GST return whether purchased from registered person or unregistered person or from composition dealer. 8) However, if any expense items are purchased from unregistered supplier & escape the payment of tax in view of Notifcation No.8/2017 dated 28/06/17 then same are not required to be submitted in GST return. – Reply By Alok Kumar – The Reply = Dear Mr. Purohit , a very good compilation , It will help the consultants and Industry alike in their tax planningThanks,Alok Kumar – Reply By KASTURI SETHI – The Reply = Par excellence work indeed. I have saved the same as
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