ITC on fixed asset
Fayaz (Accountant) (46 Points)
16 September 2020
can i avail the ITC on purchase of fixed asset and help me with entry
7 Replies
prasad Nilugal
(3924 Points)
Replied 16 September 2020
Is it for business and taxable supply perpose ?.
Fayaz
(Accountant)
(46 Points)
Replied 16 September 2020
Yes it is for business, conference Hall equipment like projector TV and phone etc.. put to use for business
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 16 September 2020
Yes, you take ITC sub to section 16 i.e you have a valid invoice, your GST is mentioned on that ect...
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 16 September 2020
Most welcome.....
prasad Nilugal
(3924 Points)
Replied 16 September 2020
As per your query pass entries as follows .
Asset A/c. Dr
CGST. A/c. Dr
SGST. A/c Dr
To Trade. creditors A/c Cr
( booking entry for purchase of asset )
Payment entry
Trade creditors A/c Dr
To Bank A/c Cr
(payment of asset purchase )
Asset A/c. Dr
CGST. A/c. Dr
SGST. A/c Dr
To Trade. creditors A/c Cr
( booking entry for purchase of asset )
Payment entry
Trade creditors A/c Dr
To Bank A/c Cr
(payment of asset purchase )
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