Fixed Asset ITC Effect in GSTR3b & Tally entry
This query is : Resolved
09 February 2022
Sir,
We have purchased car April 2021 in the name of Pvt Ltd company, we have claimed ITC in GSTR3B
Now my question:
This ITC is eligible to claim in GSTR3Bor Not if eligible how much full or any percentage basis.
If we claim in GSTR3B ITC what is the effect in Tally entry full value with ITC Shown or Before ITC
please clarify my doubts.
We have purchased car April 2021 in the name of Pvt Ltd company, we have claimed ITC in GSTR3B
Now my question:
This ITC is eligible to claim in GSTR3Bor Not if eligible how much full or any percentage basis.
If we claim in GSTR3B ITC what is the effect in Tally entry full value with ITC Shown or Before ITC
please clarify my doubts.
10 February 2022
you cannot take ITC of car as it is blocked under section 17(5) unless the company is in the business of :
1. motor driving school
2. Car showroom
3. Taxi service
1. motor driving school
2. Car showroom
3. Taxi service
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17 February 2022
Hi,
To be Eligible for ITC on Asset you need to 1st Check Section 16 (to check the conditions of being eligible to claim ITC) & then go for Section 17 whether same is allowable in Part of Full.
if same is eligible you need to Book Asset @ Taxable Value under Fixed Asset & ITC to the Duties & Taxes ledger
if same is not allowable capitalise entire amount in Balance Sheet & Claim Depreciation on Entier Amount including ITC
To be Eligible for ITC on Asset you need to 1st Check Section 16 (to check the conditions of being eligible to claim ITC) & then go for Section 17 whether same is allowable in Part of Full.
if same is eligible you need to Book Asset @ Taxable Value under Fixed Asset & ITC to the Duties & Taxes ledger
if same is not allowable capitalise entire amount in Balance Sheet & Claim Depreciation on Entier Amount including ITC
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