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Fixed Asset inclusive of GST

LAKSHMINATHAN.G (Accountant) (84 Points)

16 June 2023

Sir My auditor says debit FA with Tax.whatever the type of FA .you cannot claim ITC..Is it right?

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4 Replies

RAJA P M ("Do the Right Thing...!!!") (127179 Points)
Replied 16 June 2023

Your query is not clear...

What is the FA...?
What is Your business...???

sabyasachi mukherjee (26089 Points)
Replied 16 June 2023

Ìf that fixed asset is used for the purpose of business then you can claim input tax credit.

LAKSHMINATHAN.G (Accountant) (84 Points)
Replied 18 June 2023

Sir, Fixed Asset inclusive of GST,not claimed by our company we are exporting cotton made ups asApron .Dish drying mat .terry towel to USA I dis agree with my CA .But my boss instructs me to follow CA s instruction .we leave ITC unclaimed .Due to this we have to depreciate FA includive of Gst It needs no file .The entry is Depreciation a/c Dr To ledger of FA a/c