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If a partnership Firm Fully renovate a showroom (Major renovation), under which head should we book the expenses like. Cement, Reta,Bajri, electric materials like pvc pipes used in the walls, Plumbing work,paints etc. Should it booked as revenue expenditure or capital expenditure. Plz guide ..
Replies (5)
Renovation expenses, which would be capitalised in books. No ITC will be allowed as per section 15(5) of CGST Act, 2017.
DEVENDAR
FIRST I CLEAR THE ACCOUNTS
TREATMENT AND SUBSEQUENT DISCLOSURE:
1. CAPITALIZE THE ENTIRE EXPENDITURE
2.IF THE PARTNERSHIP FIRM HV GST NUMBER
AND ITS SUBMITTING RETURNS UNDER
REGULAR SCHEME.
IT GSTIN IT CAN CLAIM INOUT TAX CREDIT.
FIRST I CLEAR THE ACCOUNTS
TREATMENT AND SUBSEQUENT DISCLOSURE:
1. CAPITALIZE THE ENTIRE EXPENDITURE
2.IF THE PARTNERSHIP FIRM HV GST NUMBER
AND ITS SUBMITTING RETURNS UNDER
REGULAR SCHEME.
IT GSTIN IT CAN CLAIM INOUT TAX CREDIT.
Dear Sir / Ma'am ! My query is just accounting head not ITC. Like should we book these expenses under Furniture and Fixture / Electric fitting etc.??
IF THE RENOVATION WORK CARRIED OUT ON THE ASSET WHICH WAS SHOWN UNDER F&F, THEN YOU SHOULD BOOK UNDER F&F, OTHERWISE E&F.
IT DEPENDS UPON ON WHICH CATEGORY OF ASSET YOU MADE THE RENOVATION WORK
Major Renovation work
discosure as per schedule 111
FIXED ASSETS
BUILDING.
.
discosure as per schedule 111
FIXED ASSETS
BUILDING.
.
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