Reversal of itc on capital goods under gst
This query is : Resolved
Ashish Mittal
(Querist)
24 October 2017
Treatment for GST ITC reversal with respect to capital Assets....Whether it has to be capitalised or charged in Profit and loss A/c.....
CA Rashmi Gandhi
(Expert)
25 October 2017
Same will be capitalised .......
26 October 2017
Reversal of ITC on capital assets will arise in case of sale / disposal of capital assets. In that case it is to be transferred to Assets (Capital) account to ascertain profit or loss on such sale.
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