Gst input in capital goods
This query is : Resolved
05 May 2018
Dear Sirs
We have started a new business and purchased machinery from outside state. Now, can we directly take a input credit of GST? Please give me accounting treatment also.
Thanks
We have started a new business and purchased machinery from outside state. Now, can we directly take a input credit of GST? Please give me accounting treatment also.
Thanks
06 May 2018
Claim GST credit on machinery over the expected life of the machinery. Capitalize the machinery excluding GST as ITC is claimed.
06 May 2018
capital goods a/c debit
igst input debit
to bank/supplier of machinery
but itc will be available in 5years useful life...
if you are paying gst on montthly basis, then you will get full itc in 60 months.. if quarterly, then in 20 quarters.
igst input debit
to bank/supplier of machinery
but itc will be available in 5years useful life...
if you are paying gst on montthly basis, then you will get full itc in 60 months.. if quarterly, then in 20 quarters.
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