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Bank charges
paid 1000 as interest on installment repayment and bank charged 180 Igst,So can I get input tax credit??If yes how can I utilise it??How to show gst entry in tally??
Replies (2)
Bank charges A/c as ( an expense)
IGST A/c as (an asset)
To bank
later on you can utilise IGST paid and that will reduce by liability that will arise in gst.
IGST A/c as (an asset)
To bank
later on you can utilise IGST paid and that will reduce by liability that will arise in gst.
GST @ 18% is applicable on bank charge, it is related to the business then you can claim ITC .
GST is not applicable on interest
GST is not applicable on interest
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