. . 1961 – Tax Questions and Answers

catchwords: 1961

  • Deductions on actual payment -Whether GST is covered u/s. 43B of the Income tax Act, 1961

    GST (Goods & Services Tax) is applicable from July 1, 2017. GST has replaced the Excise Duty, Service Tax, Countervailing Duty (CVD), Special Additional Duty of Customs (SAD), Value Added Tax (VAT), Central Sales Tax (CST), Octroi, Entry Tax, Purchase Tax, Luxury Tax, Taxes on Lottery, States cesses and surcharges and Entertainment Tax (other than tax levied by the Local Bodies). Thus GST is one tax which covers all the above taxes and which is destination based tax.