Hello Everyone,
This question is regarding addition of an asset which was done in PY 2017-18. At the time of capitalization of asset, GST on the transaction was parked in GST receivable (assuming credit will be received) and basic amount was capitalized.
Now it is realized that credit will not be available on the transaction hence it is required to dispose those receivable. Question is should it be capitalized to asset or charged to P&L. Please explain logic for the treatment.
CAclubindia
