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GST implication on provisions recognised in books of account

May 10, 2018[2018] 93 112 (Article)
As per the definition of ‘provision’ given in AS 29 as stated supra it can be said that provision is made in respect of any expense (capital as well as revenue) incurred by an entity. Also, provision is recognised only in cases where the goods or services have actually been received or partially received, because as per AS 29 ‘provision’ is to be recognised when it has a present obligation as result of past event.
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