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Fixed Asset inclusive of GST
Sir My auditor says debit FA with Tax.whatever the type of FA .you cannot claim ITC..Is it right?
Replies (4)
Your query is not clear...
What is the FA...?
What is Your business...???
What is the FA...?
What is Your business...???
Ìf that fixed asset is used for the purpose of business then you can claim input tax credit.
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
Claiming of ITC on FA will depend on a lot many things if you are in export business.
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