Journal Entries under GST

610 views 3 replies
Purchase capital goods by paying Principal amount + CGST+SGST whose ITC is blocked under section 17 (5 ) what will be its general entry and under which voucher and in which group in Tally ERP 9???
Replies (3)

There are 2 options:

Opt1 (preferred)

1) Make a purchase entry showing the break up of asset and tax (ensure to configure the asset under ineligible credit category)

2) Transfer the tax component to the asset account back (through Journal under statutory adjustment option)

Opt2: (not preferred)

1) Make a journal entry to record the total value of the capital asset (including tax)

Opt2 is not preferred because such entries would not form part of GST return summary in Tally

 

You will have to capitalize the tax amount with the asset. The tax amount will form part of value of asset. Depreciation will be claimed don the whole amount.

Thank You

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
20 June 2026
Chartered Accountant

ANV & Company

New Delhi

CA

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details