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GST input reversed is allowed as deduction in income tax

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Student
844 Points Joined April 2020
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?
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On 26 June 2020 at 22:09 Report
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Student CMA
90 Points Joined July 2015
Yes . Any interest, fees , duty , cess , tax paid is allowed as deduction under section 43b in Income Tax 1961
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On 26 June 2020 at 22:22
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Chartered Accountant
4524 Points Joined July 2014
Prior period expenses booked in current year is disallowed in the income tax assessment for current year.
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On 26 June 2020 at 22:33
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Student CMA
90 Points Joined July 2015
But Interest on wrong utilisation of gst credit is paid on current year 18 - 19
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On 26 June 2020 at 22:57

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