In which account head, ITC reversal on capital goods is to be accounted.
Menu
ITC Reversal on Capital goods
Replies (4)
ITC Reversal should be under GST under taxation head
Dr Capital Goods
Cr IGST/SGST/CGST
being ITC revesed ob capital goods
Cr IGST/SGST/CGST
being ITC revesed ob capital goods
Increase the value of capital goods with the amount of reversal and decrease the corresponding itc head.
ITC reversal on capital goods can be accounted on GST under taxation head
Recent Threads
- GST Export Refund
- Missed Deadline of Form 10AB. What Should be next
- Rural land near mining zone
- Partners rental income
- Donation deduction in ay 22-23
- ITR Filing for NRI (Dubai) – TDS u/s 194H &a
- CA Final Group 1 Exam - AFTER A LONG GAP
- What accounting software works best for small busi
- Accumulated amount received from pf account
- Sec.10 (10D) Tax Benefit not available to PaidUp p
Related Threads
CAclubindia
