Which method is most suitable under GST for fixed asset:
Claiming 100% ITC at once or
Claiming in in 5 years in equal amount credit.
If fixed Assets is sold within 5 years what will be its calculation and its Journal Entries in Tally ERP 9 ?????
Claiming it in one year must be a good choice as I’m not much of a tax planner. Consider your OTC is lower than 100% ITC, then it isn’t better to claim it over the periods at a rapid rate because you want to sell the asset before it’s useful life.
By Bank a/c
By Gain a/c
To Fixed Asset a/c
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