ITC on Fixed assets
This query is : Resolved
29 July 2017
Dear sir,
we have purchased inverter in a firm under inter state purchase.
what will be the journal entry in firm books.
and what about input credit on it under GST
29 July 2017
You can't get ITC. Bcoz., Its just Fixed Asset not in Capital Goods...
Entry to...
Dr. Inverter (Under Fixed Assets) - Rs. XXXXX
Dr. IGST (under duties & Taxes) - Rs. XXX
Cr. Sundry Creditors - Rs. XXXXX
Entry to...
Dr. Inverter (Under Fixed Assets) - Rs. XXXXX
Dr. IGST (under duties & Taxes) - Rs. XXX
Cr. Sundry Creditors - Rs. XXXXX
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