GST Un-Registered institution purchased VEhcile with GST & TCS

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thotasrinivas (Querist)
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13 October 2022 Dear Sir,
we bought an bus with GST and TCS, we are not registered under GST. how to pass the journal for vehicle purchase and which ledger to transfer GST (SGST/CGST/IGST) in Books of accounts.

Please let me know the entry for purchase of vehicle including GST + TCS who are not registered under GST

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 October 2022 1. Pass the entry of bus along with GST, i.e. capitalize the GST levy with cost of BUS.
2. TCS is recoverable, so post the TCS under 'Provisions for Taxes.'

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thotasrinivas

thotasrinivas (Querist)
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14 October 2022 incase the case of received discount after generate invoice. how much amount capitalize for Bus ?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 October 2022 The discount is over the bus purchase itself, so the net amount should be capitalize.

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