Fixed Asset ITC Effect in GSTR3b & Tally entry
This query is : Resolved
09 February 2022
Sir,
We have purchased car April 2021 in the name of Pvt Ltd company, we have claimed ITC in GSTR3B
Now my question:
This ITC is eligible to claim in GSTR3Bor Not if eligible how much full or any percentage basis.
If we claim in GSTR3B ITC what is the effect in Tally entry full value with ITC Shown or Before ITC
please clarify my doubts.
We have purchased car April 2021 in the name of Pvt Ltd company, we have claimed ITC in GSTR3B
Now my question:
This ITC is eligible to claim in GSTR3Bor Not if eligible how much full or any percentage basis.
If we claim in GSTR3B ITC what is the effect in Tally entry full value with ITC Shown or Before ITC
please clarify my doubts.
10 February 2022
you cannot take ITC of car as it is blocked under section 17(5) unless the company is in the business of :
1. motor driving school
2. Car showroom
3. Taxi service
1. motor driving school
2. Car showroom
3. Taxi service
Message likes :
1 times
17 February 2022
Hi,
To be Eligible for ITC on Asset you need to 1st Check Section 16 (to check the conditions of being eligible to claim ITC) & then go for Section 17 whether same is allowable in Part of Full.
if same is eligible you need to Book Asset @ Taxable Value under Fixed Asset & ITC to the Duties & Taxes ledger
if same is not allowable capitalise entire amount in Balance Sheet & Claim Depreciation on Entier Amount including ITC
To be Eligible for ITC on Asset you need to 1st Check Section 16 (to check the conditions of being eligible to claim ITC) & then go for Section 17 whether same is allowable in Part of Full.
if same is eligible you need to Book Asset @ Taxable Value under Fixed Asset & ITC to the Duties & Taxes ledger
if same is not allowable capitalise entire amount in Balance Sheet & Claim Depreciation on Entier Amount including ITC
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
