{"id":7137,"date":"2017-08-14T07:39:23","date_gmt":"2017-08-14T02:09:23","guid":{"rendered":""},"modified":"2017-08-14T07:39:23","modified_gmt":"2017-08-14T02:09:23","slug":"rate-of-tax-under-gst-on-expenses-debited-to-trading-profit-loss-a-c","status":"publish","type":"post","link":"https:\/\/goodsandservicetax.in\/GST\/?p=7137","title":{"rendered":"Rate of tax under GST on expenses debited to Trading Profit &#038; Loss A\/c"},"content":{"rendered":"<p>Rate of tax under GST on expenses debited to Trading Profit &#038; Loss A\/c<br \/>By: &#8211; KIRTIKUMAR PUROHIT<br \/>Goods and Services Tax &#8211; GST<br \/>Dated:- 14-8-2017<\/p>\n<p>Expenses Under GST Regime<br \/>\n\tRate of tax under GST on expenses debited to Trading Profit &#038; Loss A\/c<br \/>\n\tSr. No<br \/>\n\tNature of Expense<br \/>\n\tRate of Tax<br \/>\n\tWhether registered supplier will levy tax<br \/>\n\tReverse Charge(If supply is unregistered)<br \/>\n\tWhether Eligible for Input Credit<br \/>\n\t1<br \/>\n\tSalaray, wages &#038; bonus paid to employee<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t2<br \/>\n\tElectricity bill<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t3<br \/>\n\tWater Charges\/ Plain Water<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t4<br \/>\n\tBank Interest<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t5<br \/>\n\tProfessional Tax<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t6<br \/>\n\tBMC Tax<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t7<br \/>\n\tBuilding \/ Property Tax<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t8<br \/>\n\tRent Deposits<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t9<br \/>\n\tOther Deposits<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t10<br \/>\n\tPetrol \/ Disel\/ CNG\/Kerosene Expenses (Motor Spirit)<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t11<br \/>\n\tLiquor Expenses<br \/>\n\t0%<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\tNo<br \/>\n\t12<br \/>\n\tRegistration Fees (ROF \/ ROC \/ RTO<\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p align=\"center\"><strong>Plain text (Extract) only<\/strong><BR>For full text:-<a href=\"https:\/\/www.taxtmi.com\/article\/detailed?id=7545\">Visit the Source <\/a><\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p>etal<br \/>\n\t5%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t28<br \/>\n\tJob Work \/ Labour Charges for printing of books, journals &#038; periodicals<br \/>\n\t5%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t29<br \/>\n\tFood &#038; Beverages Expense (Non AC restaurant)<br \/>\n\t12%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\t30<br \/>\n\tRoom Rent in a hotel, lodge (Rs.1000 to 2500 per room per day<br \/>\n\t12%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t31<br \/>\n\tFuel (Furnace Oil\/LPG)<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t32<br \/>\n\tSales Promotion\/Business Promotion<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t33<br \/>\n\tFood &#038; Beverages Expense (AC restaurant)<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\t34<br \/>\n\tMineral water<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t35<br \/>\n\tTruck\/ Tempo Hire Charges<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t36<br \/>\n\tClub &#038; Membership fees<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\t37<br \/>\n\tAdvertisement Charges \/ Hoarding \/ Magazine \/ News Papers \/ Media<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t38<br \/>\n\tAMC Charges<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t39<br \/>\n\tBank Charges &#8211; Service charges recovered<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\tYes<br \/>\n\t40<br \/>\n\tBroker Fee &#038; Charges<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t41<br \/>\n\tCancellation Charges<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t42<br \/>\n\tExtended Warranty<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYe<\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p align=\"center\"><strong>Plain text (Extract) only<\/strong><BR>For full text:-<a href=\"https:\/\/www.taxtmi.com\/article\/detailed?id=7545\">Visit the Source <\/a><\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p>\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t58<br \/>\n\tPayment for Sponsorship Services<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\t59<br \/>\n\tSecurity Charges<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t60<br \/>\n\tTelephone, Mobile &#038; internet Charges<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\tRefer Note 2<br \/>\n\t61<br \/>\n\tSundry Expenses<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t62<br \/>\n\tJob Work \/ Labour Charges for garment processing<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t63<br \/>\n\tJob Work \/ Labour Charges (Other)<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t64<br \/>\n\tSitting Fees, Commission or any other payment made to director by company<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t65<br \/>\n\tAudit Fees, Account Writing , Professional Fees (other than Advocate)<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t66<br \/>\n\tResearch &#038; Development Expenses<br \/>\n\t18%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t67<br \/>\n\tFood &#038; Beverages Expense (AC restaurant)<br \/>\n\t28%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\t68<br \/>\n\tWall Paint<br \/>\n\t28%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\t69<br \/>\n\tRoom Rent in a hotel, lodge Above &#8377; 7500\/-<br \/>\n\t28%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t70<br \/>\n\tTravelling Expenses International<br \/>\n\t28%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tNo<br \/>\n\t71<br \/>\n\tAmusement Park\/ Theatre Ticket<br \/>\n\t28%<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\tYes<br \/>\n\t72<br \/>\n\tCold drink<\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p align=\"center\"><strong>Plain text (Extract) only<\/strong><BR>For full text:-<a href=\"https:\/\/www.taxtmi.com\/article\/detailed?id=7545\">Visit the Source <\/a><\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p>\t2)<br \/>\n\tIf Telephone, Mobile &#038; Internet bill is in the name of the company and adress and place of business is mentioned then only one should claim the input credit<br \/>\n\t3)<br \/>\n\tInpur credit is available fully. However if it is sold\/disposed off\/ scrapped\/ thrown away within 5 years, then input credit @ 5% per quarter is available for the used period and balance is to be reversed for not used fully at the time of date of sale.<br \/>\n\t4)<br \/>\n\tInput credit is available only if goods &#038; services are used for business. If good or services are used for personal purpose then input credit is not available. If goods &#038; services are used partially for personal use and partially for business use then input credit is available partly in proportion to business use.<br \/>\n\t5)<br \/>\n\tInput credit is not available if outward supply of goods or services is exempt from payment of tax.<br \/>\n\t6)<br \/>\n\tAs per Notification No 8\/2017 dated 28\/06\/17, it is provided that if the aggregate value of goods or services or both debited to Trading A\/c<\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p align=\"center\"><strong>Plain text (Extract) only<\/strong><BR>For full text:-<a href=\"https:\/\/www.taxtmi.com\/article\/detailed?id=7545\">Visit the Source <\/a><\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rate of tax under GST on expenses debited to Trading Profit &#038; Loss A\/cBy: &#8211; KIRTIKUMAR PUROHITGoods and Services Tax &#8211; GSTDated:- 14-8-2017 Expenses Under GST Regime Rate of tax under GST on expenses debited to Trading Profit &#038; Loss A\/c Sr. No Nature of Expense Rate of Tax Whether registered supplier will levy tax &hellip; <a href=\"https:\/\/goodsandservicetax.in\/GST\/?p=7137\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Rate of tax under GST on expenses debited to Trading Profit &#038; Loss A\/c&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7137","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7137"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7137\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}