Balance of Input credit.
Jailendra Kumar (81 Points)
09 September 2017
We had input credit of Rs.100000/- against purchase of both capital and revenue expenditures , out of which only 25000/- could be availed rest Rs.75000/- had been reversed in GSTR3B, because 75% of Turn over was tax free. In that case what entries are to be taken for rest of the input credit, whether it should be debited to concerned (capital goods/ expenses heads) accounts heads or to directly debited to P&L accounts? We prepare monthly profit & loss a/c then what will be done for rest input credit?