Purchase of Electrical panel with meter

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This discussion covers the accounting treatment for purchasing an electrical panel with a meter in Tally, suggesting it be capitalised under 'electrical installation' and depreciated. It also clarifies that GST input tax credit (ITC) is applicable if the purchase is for business purposes, such as in a manufacturing industry. The conversation further delves into GST reconciliation, identifying eligible ITC, and lists common business expenses where ITC can be claimed, excluding specific items like groceries and certain vehicle-related costs.

kirangailal

kirangailal (Querist)

23 November 2021 Dear Sir,

Please let me know for Purchase of Electrical panel with meter in which head of account and under which group i need to account this in Tally and for this will depreciation applicable if yes can we take GST input benefit or not.

Awaiting for your soon reply.

Thanks
Kiran

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

23 November 2021 Capitalise under electrical installation and depreciate. GST input can be taken if it related to business or office premises.

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kirangailal

kirangailal (Querist)

24 November 2021 Sir Thank you so much your advise, yes it is for business purpose only its a manufacturing industry. I will account in Plant and Machinery under fixed Assets is that ok sir.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 November 2021 Yes, it's okay........

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kirangailal

kirangailal (Querist)

24 November 2021 Thank you so much sir.

kirangailal

kirangailal (Querist)

24 November 2021 Dear Sir,
Please help me out in GST reconciliation for purchase who is filed and who is not filed for every month and what are the inputs that i can avail ITC and how i come to know for which are bills i can avail and how to do workings on that and how to setoff the ITC and available balance in ITC. What are the ineligible items for which i should not take any ITC against GST rules if any circular or notification for that kindly share. I request you to kindly reply step by step explanation waiting for your soonest reply.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 November 2021 See the link.

https://www.taxmann.com/post/blog/gst-input-tax-credit-and-blocked-credits/?amp

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kirangailal

kirangailal (Querist)

24 November 2021 Thank you so much sir.

kirangailal

kirangailal (Querist)

24 November 2021 Sir can we avail GST input for the below the items for manufacturing Industry...
Vehicle Maintenance
Vehicle Insurance
Health Insurance to staff
Repair & Maintenance for purchase of spares and electrical items for Machines repair
Purchase of Groceries for providing food to staff
Traveling expenses like flight tickets & Boarding expenses for business visit
Printing & Stationary
Computer & Printer Maintenance
Office Maintenance items like Electrical items, cleaners
DG & AC Annual Maintenance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 November 2021 ITC available for all items except:
Vehicle other than car insurance and maintenance.
Purchase of groceries.

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