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ITC on fixed asset

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Accountant
46 Points Posted on 16 September 2020
can i avail the ITC on purchase of fixed asset and help me with entry
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On 16 September 2020 at 17:24 Report
Replies (7)
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3924 Points Posted on 16 September 2020
Is it for business and taxable supply perpose ?.
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On 16 September 2020 at 17:32
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Accountant
46 Points Posted on 16 September 2020
Yes it is for business, conference Hall equipment like projector TV and phone etc.. put to use for business
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On 16 September 2020 at 17:40
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Tax and Business Consultant
11616 Points Posted on 16 September 2020

Yes, you take ITC sub to section 16 i.e you have a valid invoice, your GST is mentioned on that ect...

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On 16 September 2020 at 17:41
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Accountant
46 Points Posted on 16 September 2020
Thank you sagar.
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On 16 September 2020 at 17:45
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Tax and Business Consultant
11616 Points Posted on 16 September 2020
Most welcome.....
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On 16 September 2020 at 17:52
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3924 Points Posted on 16 September 2020
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 )
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On 16 September 2020 at 17:56
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Accountant
46 Points Posted on 16 September 2020
Thank you Prasad.
1 Reply
On 16 September 2020 at 18:05


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