Fixed Asset input

Suppose 3 No. new chair purchased for worth Rs.30000/

Instead of debiting to furniture & fixture under Asset , debited to furniture repairs & Maintenance in profit and loss account

After debiting to profit and loss account , we taken full gst input .

My question is though asset we debited to profit & loss account can we avail full gst input credit or neet to reversal some portion.If reversal
yes , then what portion and which section / rule.
Replies (8)
Quick Summary
This discussion explores whether full GST input credit can be claimed when new chairs, intended as fixed assets, were mistakenly debited to repairs and maintenance in the profit and loss account. Participants debate the implications for GST credit, with advice suggesting that while the credit is generally available, the expense should ideally be reversed and capitalised correctly. The core issue revolves around the definition of capital goods and the requirement for them to be debited to an asset account to be eligible for ITC.

Asset account must be debited. Reverse the entry. Book it fa schedule.
My question is if asset is debited to profit & loss a/c then can gst input fully available
Originally posted by : Rajkumar Gutti
My question is if asset is debited to profit & loss a/c then can gst input fully available

No issues, You can avail the ITC for the Purchase of Furnitures.

Also make a JV and transfer the Expenditure to FA...

But I heard that , there is restriction to avail full credit of itc on capital goods even though debited to profit and loss a/c
Originally posted by : Rajkumar Gutti
But I heard that , there is restriction to avail full credit of itc on capital goods even though debited to profit and loss a/c

But I heard that ,

--> Where is You heard ....??

--> What You heard...?

Ask with correct details...

As per sec.2 (19) capital goods which are not capitalised ,that is to say not debited to respective asset account , itc in respect there of is not available to be taken credit.
Asset Is never debited to profit loss account wring conception.
We purchased computer UPS amount Rs.4500/- .

Is this UPS can required to be capitalised.presently we debited to computer repairs and maintenance A/c & taken full Gst credit.Pl.guide

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