GST ON BUILDING MATERIAL
This query is : Open
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
11 August 2017
You have to debit total 1180 to building account without splitting the tax.
12 August 2017
You hae to pass this entry
Building a/c. 1180
To party a/c. 1180
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
VK
VK
12 August 2017
If I debit full amount to building a/c then govt. how to know that I paid taxes on material purchases ?
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.....
12 August 2017
@Raja yes you are right.
VK
VK
12 August 2017
Thank you for the Clarification Sir.
Thank you once again
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