Fixed Asset input

318 views 8 replies

Rajkumar Gutti

726 Points Joined August 2018

Suppose 3 No. new chair purchased for worth Rs.30000/

Instead of debiting to furniture & fixture under Asset , debited to furniture repairs & Maintenance in profit and loss account

After debiting to profit and loss account , we taken full gst input .

My question is though asset we debited to profit & loss account can we avail full gst input credit or neet to reversal some portion.If reversal
yes , then what portion and which section / rule.

Replies (8)

sabyasachi mukherjee

27992 Points Joined May 2017

Asset account must be debited. Reverse the entry. Book it fa schedule.

Rajkumar Gutti

726 Points Joined August 2018

My question is if asset is debited to profit & loss a/c then can gst input fully available

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Originally posted by : Rajkumar Gutti
	My question is if asset is debited to profit & loss a/c then can gst input fully available

No issues, You can avail the ITC for the Purchase of Furnitures.

Also make a JV and transfer the Expenditure to FA...

Rajkumar Gutti

726 Points Joined August 2018

But I heard that , there is restriction to avail full credit of itc on capital goods even though debited to profit and loss a/c

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Originally posted by : Rajkumar Gutti
	But I heard that , there is restriction to avail full credit of itc on capital goods even though debited to profit and loss a/c

But I heard that ,

--> Where is You heard ....??

--> What You heard...?

Ask with correct details...