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Whether 43 B applies to gst

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Suresh S. Tejwani

proprietor

1198 Points Posted on 31 January 2022

whether gst exclusive method in books of accounts is covered in 43 B

Replies (2)

Quick Summary

This discussion clarifies whether Goods and Services Tax (GST) paid is covered under Section 43B of tax law. It confirms that statutory payments like GST and customs duties are eligible for deduction if paid in full. However, Tax Deducted at Source (TDS) is not considered an expense and therefore is not covered by Section 43B.

Imran Shaikh

24 Points Posted on 01 February 2022

Yes as it is a statutory payment

debora M

BUSINESS DEVELOPMENT MANAGER

1382 Points Posted on 01 February 2022

This includes GST, customs duty or any other taxes paid. Interest paid on these taxes are also eligible for deduction. Employer contribution - Any contribution made by the employer towards benefit of their employees and comes under the category of a provident fund, gratuity or superannuation fund.

Section 43B largely includes a list of expenses that can only be claimed as a deduction if they are paid in full. TDS is a tax deducted on the deductee's behalf and deposited in the government's treasury, not an expense. As a result, TDS is not covered by section 43B and hence cannot be claimed as a deduction.