Jignesh Ghelani (Partner), Sanchita Rungta (Senior Associate), and Rishi Raju (Associate), Economic Laws Practice, co-author an article in GSTsutra, highlighting the incongruities that create anomalies between the provisions of the Income Tax Act for claiming deductions of business expenditure and availing ITC under CGST Act. The team also elaborates on rent-free accommodation, employee welfare expenses on maintenance, and rent-a-cab services for transportation of employees, where a degree of non-alignment between the provisions of the two Acts exist.
Read the detailed article here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.