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Accounting Treatment of GST Reversal on Vehicle

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46 Points Posted on 09 July 2022
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 ?
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On 09 July 2022 at 11:31 Report
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CA
682 Points Posted on 09 July 2022

ITC on Vehicle purchase if ineligible, to be added to the cost of Vehicle and to be capitalized.

 

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On 09 July 2022 at 16:16
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Profession Business
28207 Points Posted on 10 July 2022
Why gst reversal amount is reversed here?
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On 10 July 2022 at 08:17
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Chartered Accountant
86505 Points Posted on 10 July 2022
Add it in cost of vehicle. Entry will be

CGST
SGST
To Fixed Assets
2 Reply
On 10 July 2022 at 17:09


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