Fixed Asset input

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.