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Some points to be carefully considered post GST
We have never bothered to look into the expenses side of the profit and loss account with respect to earlier taxes. The time has come to make sure, all your payments above Rs. 5000 per day, are paid with GST.
In other words, if you are dealing with unregistered suppliers and making payments above Rs. 5000, you have to pay GST under reverse charge mechanism (RCM).
Exceptions:
Salary and wages
Electricity
Interest
Car fuel
Government Fees
Inclusions:
Rent
Commission payments
Printing and stationery
Repairs and Maintenance
Office Maintenance
Vehicle maintenance
Computer maintenance
Legal Fees
Consultancy Fees
Professional Fees
Audit Fees
Labour charges
Frieght and transportation expenses
Gift expenses
Business promotion expenses
Advertisement etc..