Please suggest how to transfer ineligible gst to the respective heads when there is more than one transaction in ineligible gst?
What will be the journal entries for that.
And what is the respective head in this?
6 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 06 September 2018
Suppose Car is Purchased.
Car A/c ......Dr
ITC A/c .......Dr
To Party.......CR.
ITC ineligible U/s 17(5)
Car A/c .....Dr.
To ITC A/c...Cr
Being ITC tranfer on a/c of ineligible u/s 17(5)
Car A/c ......Dr
ITC A/c .......Dr
To Party.......CR.
ITC ineligible U/s 17(5)
Car A/c .....Dr.
To ITC A/c...Cr
Being ITC tranfer on a/c of ineligible u/s 17(5)
Vinod Babu
(24191 Points)
Replied 06 September 2018
Pankaj ji, I did not understand your second Part?
Pankaj Rawat
(13 Points)
Replied 07 September 2018
Pankaj ji, thank you for your valuable reply. But what to do if there is more than one transactions, should i do this one by one or otherelse? Please reply
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 07 September 2018
PASS SEPRATE ENTRY FOR EACH HEAD ,...
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 07 September 2018
DEAR VINOD JI
2ND ENTRY WILL BE REFLECT IN 3B UNDER ROW 17(5) (REVERSAL OF ITC)
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