Proprietor purchase car in your firm name. car supplier raised invoice with GST. 1)proprietor can entry in your books of accounts total invoice value or break up GST and also transfer this gst to Ineligible ITC. Also can i mention GSTR 3B table 4(d) ineligible itc 17(5) column mention or not.
2) Also can I claim Depreciation Taxable value basis or Toral value (Taxable value +gst ) basis.
Transaction should be recorded With bifurcation, as GST credit on car purchase is ineligible u/s 17(5) and the same should shown under ineligible credit in respective 3B. You can claim Depreciation on total Value.. i.e Taxable value plus Tax amount.
Journal for Purchase.
Car asset a/c Dr.
GST a/c Dr
to bank a/c
CAclubindia
