Fixed Asset inclusive of GST
LAKSHMINATHAN.G (Accountant) (84 Points)
16 June 2023
Sir My auditor says debit FA with Tax.whatever the type of FA .you cannot claim ITC..Is it right?
4 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 June 2023
Your query is not clear...
What is the FA...?
What is Your business...???
What is the FA...?
What is Your business...???
sabyasachi mukherjee
(27574 Points)
Replied 16 June 2023
Ìf that fixed asset is used for the purpose of business then you can claim input tax credit.
LAKSHMINATHAN.G
(Accountant)
(84 Points)
Replied 18 June 2023
Sir, Fixed Asset inclusive of GST,not claimed by our company we are exporting cotton made ups asApron .Dish drying mat .terry towel to USA I dis agree with my CA .But my boss instructs me to follow CA s instruction .we leave ITC unclaimed .Due to this we have to depreciate FA includive of Gst It needs no file .The entry is Depreciation a/c Dr To ledger of FA a/c
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 20 June 2023
Claiming of ITC on FA will depend on a lot many things if you are in export business.
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