GST for car purchase
SURAJIT SARKAR (29 Points)
25 April 20222) Also can I claim Depreciation Taxable value basis or Toral value (Taxable value +gst ) basis.
SURAJIT SARKAR (29 Points)
25 April 2022
Ganga Bhavani Palaparthi
(Article Student)
(131 Points)
Replied 26 April 2022
SURAJIT SARKAR
(29 Points)
Replied 26 April 2022
Thanks Sir. But Can I claim Depreciation Total Value (Taxable Value + GST) or only Taxable Value. Because Balance Sheet Fixed Asset Car ledger it shows Taxable Value Only. .Kindly clarify briefly
CA Puja Sharma
(Chartered Accountant)
(4984 Points)
Replied 26 April 2022
Since the GST credit is ineligible so do not clai the same.
Capitalise the total value of thecar including GST to Car A/c and claim depreciation on it.
Show total value under Car A/c.
SURAJIT SARKAR
(29 Points)
Replied 26 April 2022
Mam I have entry
Car A/c Dr
CGST Dr
SGST Dr
CESS Dr
Cr Vendor A/c
Next........
Ineligible ITC A/c Dr
To CGST A/c
To SGST A/c
To CESS A/c
So How can I calculate Depreciation . kindly Guide
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)