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ITC on fixed asset


Fayaz (Accountant)     16 September 2020

Fayaz
Accountant 
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can i avail the ITC on purchase of fixed asset and help me with entry

prasad Nilugal   16 September 2020

prasad Nilugal

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Is it for business and taxable supply perpose ?.

Fayaz (Accountant)     16 September 2020

Fayaz
Accountant 
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Yes it is for business, conference Hall equipment like projector TV and phone etc.. put to use for business

avater

Sagar Patel (Tax and Business Consultant)     16 September 2020

Sagar Patel
Tax and Business Consultant 
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Yes, you take ITC sub to section 16 i.e you have a valid invoice, your GST is mentioned on that ect...

Fayaz (Accountant)     16 September 2020

Fayaz
Accountant 
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Thank you sagar.

avater

Sagar Patel (Tax and Business Consultant)     16 September 2020

Sagar Patel
Tax and Business Consultant 
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Most welcome.....

prasad Nilugal   16 September 2020

prasad Nilugal

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As per your query pass entries as follows .

Asset A/c. Dr
CGST. A/c. Dr
SGST. A/c Dr
To Trade. creditors A/c Cr
( booking entry for purchase of asset )

Payment entry
Trade creditors A/c Dr
To Bank A/c Cr
(payment of asset purchase )

Fayaz (Accountant)     16 September 2020

Fayaz
Accountant 
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Thank you Prasad.

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