GST for car purchase

1206 views 4 replies
Proprietor purchase car in your firm name. car supplier raised invoice with GST. 1)proprietor can entry in your books of accounts total invoice value or break up GST and also transfer this gst to Ineligible ITC. Also can i mention GSTR 3B table 4(d) ineligible itc 17(5) column mention or not.
2) Also can I claim Depreciation Taxable value basis or Toral value (Taxable value +gst ) basis.
Replies (4)
Transaction should be recorded With bifurcation, as GST credit on car purchase is ineligible u/s 17(5) and the same should shown under ineligible credit in respective 3B. You can claim Depreciation on total Value.. i.e Taxable value plus Tax amount.


Journal for Purchase.

Car asset a/c Dr.
GST a/c Dr
to bank a/c

Thanks Sir. But Can I claim Depreciation Total Value (Taxable Value + GST) or only Taxable Value. Because Balance Sheet Fixed Asset Car ledger it shows Taxable Value Only. .Kindly clarify briefly

 

claim Depreciation on total Value

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=588876
claim Depreciation on total Value

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=588876
Depreciation on total Value

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=588876

Since the GST credit is ineligible so do not clai the same. 

Capitalise the total value of thecar including GST to Car A/c and claim depreciation on it. 

Show total value under Car A/c. 

Mam I have entry

Car A/c Dr

CGST Dr

SGST Dr

CESS Dr

Cr Vendor A/c

Next........

Ineligible ITC A/c Dr

To CGST A/c

To SGST A/c

To CESS A/c

So How can I calculate Depreciation . kindly Guide

 

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