Ineligible ITC treatment view of IT (Books)

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Accountant
90 Points Posted on 17 November 2021

Shall we claim GST Ineligible Input tax credit portion as expenses (IT) in our books, Is it allowable.

If any notification regarding this , please share the details.

Thanks & Regards

Fareed

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On 17 November 2021 at 10:05 Report
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Quick Summary
This discussion explores whether ineligible Input Tax Credit (ITC) under GST can be treated as an expense in company books. The consensus is that if the ITC cannot be recovered, it should be transferred to the Profit and Loss account as an expense. No specific notification is required for this accounting treatment.

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SEO Sai Gr. Hosp.
212572 Points Posted on 17 November 2021

Yes, if you can recover it, it should be transferred to P&L acc. No need of any notification.

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On 17 November 2021 at 10:18
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SEO Sai Gr. Hosp.
212572 Points Posted on 17 November 2021

Typing Error, Read as ::  

Yes, if you cannot recover it, it should be transferred to P&L acc. No need of any notification.
 

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On 17 November 2021 at 10:19
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Chartered Accountant
24588 Points Posted on 17 November 2021
Yes you can
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On 17 November 2021 at 11:47
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Accountant
90 Points Posted on 17 November 2021

thanks for your guidance....

 

Dhirajlal Rambhia Dhirajlal Rambhia

Read more at: https://www.caclubindia.com/forum/details.asp?mod_id=583187
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On 17 November 2021 at 16:12

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