In which account head, ITC reversal on capital goods is to be accounted.
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 28 April 2021
ITC Reversal should be under GST under taxation head
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 28 April 2021
Dr Capital Goods
Cr IGST/SGST/CGST
being ITC revesed ob capital goods
Cr IGST/SGST/CGST
being ITC revesed ob capital goods
Lotus Agrawal
(Practice)
(1361 Points)
Replied 28 April 2021
Increase the value of capital goods with the amount of reversal and decrease the corresponding itc head.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 28 April 2021
ITC reversal on capital goods can be accounted on GST under taxation head
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