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of <h1>State Amendments Allow Deferred Sales Tax to Meet Section 43B Requirements, Boosting Industry Incentives in Backward Areas.</h1> Several State Governments have implemented sales tax deferral schemes to incentivize entrepreneurs setting up industries in backward areas. These schemes allow eligible units to collect and retain sales tax for a specified period before paying it to the Government. Under Section 43B of the Income-tax Act, 1961, deductions for taxes or duties are allowed only when actually paid, not when incurred. This restricts the benefits of deferral schemes. The Ministry of Law suggests that State amendments deeming deferred sales tax as paid can meet Section 43B requirements. Maharashtra has amended its laws accordingly, and similar amendments will allow statutory liability to be considered discharged.
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