11 August 2017
As ITC of building material is not available then where to post TAX amount. Dr building account 1000
dr cgst 90 sgst 90
cr party 1180 ? then how adjust tax amount as all taxes goes to those accounts
12 August 2017
No.... I think it's not correct....
Split the tax amount And material amount. Also add tax amount as expenditure account. Then only it is going to indirect expenses account. If we add full cost as single account then attracted in Purchase account.....
please correct if I'm wrong.....
12 August 2017
If you are booking building material through purchase entry then you have to pass 2 entry one for purchase with GST break up and another entry to transfer the building materials to Fixed asset along with GST. Choice is yours to pass single or double entry. End result is in fixed asset total amount debited will be with GST as on construction ITC is not available
12 August 2017
@ CA.Vinoth Kothari Sir
My doubt is not in ITC. Just the entry based only. If we enter the amount fully then it's not calculated in that exact material value. And ITC not available in this case it's passed to expenditure account as indirect... That conditions only it's calculate the value of materials....
am I right.....
CAclubindia
