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Accounting Treatment of GST Reversal on Vehicle
please suggest, can we transfer GST reversal amount of Vehicle invoice to fixed assets ( add back to vehicle value ) or can be booked directly as expenses ?
Replies (3)
Quick Summary
ITC on Vehicle purchase if ineligible, to be added to the cost of Vehicle and to be capitalized.
Why gst reversal amount is reversed here?
Add it in cost of vehicle. Entry will be
CGST
SGST
To Fixed Assets
CGST
SGST
To Fixed Assets
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