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Whether GST include or exclude

228 views 3 replies

Manchi Sarapu Sridhar

Manager (Finance&Accounts)

61 Points Joined August 2016

Dear members,
If the vehicle purchased for company. It is not eligible for ITC. But how to book this transaction. Is it include GST tax to the basic price or exclude the gst tax for booking as asset. For calculating depreciation, exclude the gst or include the gst.
Please clarify anybody.

Replies (3)

Anil Gowda

28 Points Joined August 2017

That's not eligible to ITC means u can book Asset on total invoices value

Guest

If credit is not available then it's the cost. Or total cost of the vehicle would be inclusive of GST. On which you can claim the depreciation.

CA Rakesh Joshi

Chartered Accountant

1272 Points Joined May 2015

Since the GST paid on Vehicle ( purchased not in furtherance of buainess ) cannot be taken as ITC and hence the depreciation can be claimed on total amount paid for purchase of Vehicle ( including GST )