Can GST on expenses be claimed ?
If Yes kindly Give me the journal entry for the following expense
Purchased software for business use:
Software cost - 3600
CGST - 324
SGST - 324
Total Bill Amount - 4248.
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Expenses
Replies (1)
Sir you are allowed to take input tax credit on input or capital goods which are used or intended to be used in the course or furtherance of business.
journal entries
expenses/software(if capitalised )
input tax CGST
input tax IGST
To supplier /cash
journal entries
expenses/software(if capitalised )
input tax CGST
input tax IGST
To supplier /cash
CAclubindia
