If we purchase of laptop for a business use
how can we show
1. can we claim inputt tax credit
2.can we show in fixed asset
if we capitalized ,.. when seller has filled their Gstr1, our Gstr2a shows mismatch
how to resolve this?
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Input tax credit or depreciation
Replies (2)
Quick Summary
1.Yes
2.tax portion is capitalised, yu can't input tax on same under section 16(3), no issue if the input is not claimed on the assets otherwise you need to reverse input tax with 24% interest,
2.tax portion is capitalised, yu can't input tax on same under section 16(3), no issue if the input is not claimed on the assets otherwise you need to reverse input tax with 24% interest,
1. You can take Input tax credit on laptop subject to Section. 16 i.e tax invoice on name of business, GSTIN mentioned on business ect...
2. You can Capitalised that Assets and show as fixed assets in balance sheet as per below criteria:
(a) If you take ITC: Than only Amount excluding GST can be capitalised as fixed assets..as you already taken GST ITC of GST portion.
(b) If you not take ITC : Than full invoice value can be capitalised as fixed Assets.
2. You can Capitalised that Assets and show as fixed assets in balance sheet as per below criteria:
(a) If you take ITC: Than only Amount excluding GST can be capitalised as fixed assets..as you already taken GST ITC of GST portion.
(b) If you not take ITC : Than full invoice value can be capitalised as fixed Assets.
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