banner_ad

Accounting of fixed asset under gst

Accounts 2776 views 5 replies

We are private limited company. We have purchased dektop and laptops for our official use. We have received invoice with IGST. Hou much ITC can we claim in this transaction. Is there any specific point we have to look for while accounting this transaction.

Replies (5)

You can claim full ITC. No issue. You should book net value in your fixed asset and ITC in GST col. You can claim depreciation on net value.

Eligibility of taking inout credit willn depend on taxability of your outward supply. If your outward supply is taxable on regular GST rates, you are eligible to take input credit. If you are claiming input credit, you have to book the Fixed Asset net off GST value.

 

Dear Sir,

Kindly explain me with example for Accounting Method in GST for Fixed Assets.

Ex: We purchase one computer for Rs.25,000 + GST 18% 4500 = Total Invoice Value Rs.29,500

How to account the above purchase?

If i am not take input credit, what is the benefit ?

Thanks & Regards,

M.Shanmugasundaram

IF U ARE NOT AVAIL INPUT TAX CREDIT ON FIXED ASSEST THAN U CAN CLAIM DEPRICIATION ON FULL PURCHASE VALUE INCLUDING GST . THERE IS TWO OPTION UNDER GST EITHER TO CLAIM GST AND CHARGE DEPRICIATION ON NET VALUE OR NOT CLAIMING FOR ITC AND CHARGE DEP ON FULL VALUE 

Dear Professionals,

 

Can anyone here provide me a standard evidence for this?....like Section numbers or standards ?...

Really urgent.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
04 May 2026
Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
02 May 2026
Experience Audit Manager

AGGARWAL SAMIR & CO

New Delhi

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details