Ineligible ITC/Reversal of ITC Ineligible ITC u/s17 (5)

This query is : Resolved 
Quick Summary
This discussion clarifies how to account for ineligible Input Tax Credit (ITC) under Section 17(5) of the GST Act. The consensus is that ineligible ITC should be booked directly as an expense within the journal entry. This avoids the need to initially book it as input tax credit and then reverse it.

Profile Image

Profile Image

(Querist)
02 September 2020 I want to know ineligible ITC under section 17(5)
can i book ineligible ITC under section 17( 5) as a expenses part while booking journal entry
or
First book input and latter reverse the same.
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
02 September 2020 Yes, book ineligible ITC under section 17( 5) as a expenses part while booking journal entry.
Profile Image

Daya

Profile Image

Daya (Querist)
03 September 2020 Thanks sir,
for prompt reply,
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
03 September 2020 You are welcome......
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member YARRAMREDDY MYARRAMREDDY MPro Member prasanth konaprasanth konaPro Member RAHUL SURANARAHUL SURANAPro Member cgagroshg cgagroshgcgagroshg cgagroshgPro Member asmita guptaasmita gupta
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category