In which account head, ITC reversal on capital goods is to be accounted.
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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
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