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.
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GST for car purchase
Replies (4)
Quick Summary
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
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
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claim Depreciation on total Value
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Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=588876
Depreciation on total Value
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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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