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GST input reversed is allowed as deduction in income tax
GST input is taken in finacial year 2017-18 Rs.50000 and same input reversed is reversed in next finacial year 2018-19 Rs.50000 With interest 3000 it is allowed as a deduction in income tax in the financial year 2018-19?
Replies (3)
Yes . Any interest, fees , duty , cess , tax paid is allowed as deduction under section 43b in Income Tax 1961
Prior period expenses booked in current year is disallowed in the income tax assessment for current year.
But Interest on wrong utilisation of gst credit is paid on current year 18 - 19
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