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ITC on fixed asset
can i avail the ITC on purchase of fixed asset and help me with entry
Replies (7)
Quick Summary
Is it for business and taxable supply perpose ?.
Yes it is for business, conference Hall equipment like projector TV and phone etc.. put to use for business
Yes, you take ITC sub to section 16 i.e you have a valid invoice, your GST is mentioned on that ect...
Thank you sagar.
Most welcome.....
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 )
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 )
Thank you Prasad.
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