What will be the treatment for consumption of goods/services by the business itself for the own entity welfare? For example, X is a retailer of tubelight and the owner requires some tubelights for it's office. Now how will the invoice be made in such case and is ITC available for that or not, if yes, then how?
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Treatment of self consumption for business itself
Replies (5)
No, you can't use ITC for this.
PASS A ENTRY FROM STOCK TO CONSUMED GOODS
| Originally posted by : Mukesh Kumar | ||
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PASS A ENTRY FROM STOCK TO CONSUMED GOODS |  |
will i get the itc for that?
YES BUT ON PURCHASE NOT ON CONSUMED
Self Invoice to be prepared and CGST and SGST to be paid. No ITC because the goods are not being used in the manufacture of other taxable goods.
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