My quiry about: We bought a car in the name of Co. we can not avail the ITC Right.
Tally Entries about the car & accessories invoices.
Car A/c Dr
GST ITC A/c Dr
To Supplier
Supplier A/c Dr
To Bank
3 Replies
sabyasachi mukherjee
(27603 Points)
Replied 14 August 2023
If it is use for the purpose of business then it's OK.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 16 August 2023
Car Under Fixed Asset:
Dr. Car A/c - XXXXXX
Dr. GST Tax ITC A/c - XXXX
To. Supplier A/c - XXXXXX
Reverse the GST amount to Car account with a JV...
Also provide purchase entry for Accessories and Also transfer the accessories to Car Account...
Dr. Car A/c - XXXXXX
Dr. GST Tax ITC A/c - XXXX
To. Supplier A/c - XXXXXX
Reverse the GST amount to Car account with a JV...
Also provide purchase entry for Accessories and Also transfer the accessories to Car Account...
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