i buy Laptop Rs 30000 plus 5400Rs gst....on 15 th feb 2019
now how i treat GST credit on capital goods?in books
guide me Journal entries...
effect on gstr return
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ITC on capital goods
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Dr. Laptop A/c
Dr. GST Input A/c
(CGST & SGST or IGST, as the case may be)
Cr. XYZ A/c
(from where you purchased)
GSTR-3B: Table 4 Eligible ITC
(A)(5) All other ITC
Seller will file the invoice details in his GSTR-1
you can not claim depreciation as per 16(3) of the CGST act 2017 ,if you are claiming input tax credit for asset use for furtherance of Business.
if capital value 30k you can take itc 5400/-
if you take total capital value 35400/- itc not eligible.
if you take total capital value 35400/- itc not eligible.
full credit availble in feb???or in inatallment
Credits for capital goods are available in full.
There is no provision stipulating availment of capital goods credit in instalment or tranches.
Further, if the tax payer claims depreciation of the tax component in the value of capital goods under the provisions of Income Tax Act, then credit is not allowed on such tax component of capital goods.
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