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.
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Fixed Asset input
Replies (8)
Asset account must be debited. Reverse the entry. Book it fa schedule.
My question is if asset is debited to profit & loss a/c then can gst input fully available
| 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...
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
| 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...
As per sec.2 (19) capital goods which are not capitalised ,that is to say not debited to respective asset account , itc in respect there of is not available to be taken credit.
Asset Is never debited to profit loss account wring conception.
We purchased computer UPS amount Rs.4500/- .
Is this UPS can required to be capitalised.presently we debited to computer repairs and maintenance A/c & taken full Gst credit.Pl.guide
Is this UPS can required to be capitalised.presently we debited to computer repairs and maintenance A/c & taken full Gst credit.Pl.guide
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