hello,
i am a regular GST businessman.
i am a trader of threads.
recently I purchased Printer's Ink Refill with 12% GST.
my query is that regarding this above mentioned purchase, do I have to show this particular entry in my accounts as a product purchase or service purchase?
will i get itc in this purchase of INK?
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Printer's Ink entry in GST
Replies (4)
Quick Summary
Yes, you're eligible for ITC as you're using it for furtherance of your business. you can account as stationary.
Persons who are registered under GST Act are eligible to claim ITC in respect of taxes paid on all inward supplies of goods or services. Provide such goods or services received should be used in course of business or intended to be used for furtherance of business.
Yes; debit the ink value to stationery acount and debit the cgst &sgst input acount reflect in GSTR2
As Item used in course of business or intended to be used for furtherance of business, then GST input eligible
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