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Balance of Input credit.
We had input credit of Rs.100000/- against purchase of both capital and revenue expenditures , out of which only 25000/- could be availed rest Rs.75000/- had been reversed in GSTR3B, because 75% of Turn over was tax free. In that case what entries are to be taken for rest of the input credit, whether it should be debited to concerned (capital goods/ expenses heads) accounts heads or to directly debited to P&L accounts? We prepare monthly profit & loss a/c then what will be done for rest input credit?
Replies (1)
either ways is fine...
but if u debit it separately to p&l, it will directly be available for ur future reference, that Howmuch is increase in cost due to non availability of credit, in turn will be helful in ur business planning.
but if u debit it separately to p&l, it will directly be available for ur future reference, that Howmuch is increase in cost due to non availability of credit, in turn will be helful in ur business planning.
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