GST- Goods And Service Tax
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According to tax treatment of a 'provision' is concerned under the Income- tax Act, 1961, there are some provisions for expenses which are not allowed as deductions hence, they are required to be added back while computing the taxable income. As per 'provision' under GST law, specific law does not exist in this regard and, accordingly, the GST implications on the recipient as well as supplier in respect of provisions recognised in books of account have been clarified.
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