Input tax credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2018 I am a VAT and GST dealer. I took ITC on the stock held on 30-06-2017
by filing TRAN-I form, Kindly give the accounting entry for the ITC so availed.

Expert : Anonymous

Expert : Anonymous (Expert)

08 September 2018 Are You have any ITC in VAT regime...?
Are You availed ITC based on Stock Only...?

By
Raja P M

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2018 No ITC on VAT regime. Availed ITC on stock held on 30-06-2017.

RAJA P M

RAJA P M (Expert)
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09 September 2018 The ITC is based on Stock then You can Account it under PandL Account

Dr. Input SGST (Duties & Taxes) - Rs. XXXX
Cr. SGST Availed based on Stock - Rs. XXXX

*** ITC Availed based on Stock will be account under PandL head. The Ledger "SGST Availed based on Stock" under "Indirect Income"

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