Please suggest how to transfer ineligible gst to the respective heads when there is more than one transaction in ineligible gst?
What will be the journal entries for that.
And what is the respective head in this?
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Tranafer of ineligible gst
Replies (6)
Suppose Car is Purchased.
Car A/c ......Dr
ITC A/c .......Dr
To Party.......CR.
ITC ineligible U/s 17(5)
Car A/c .....Dr.
To ITC A/c...Cr
Being ITC tranfer on a/c of ineligible u/s 17(5)
Car A/c ......Dr
ITC A/c .......Dr
To Party.......CR.
ITC ineligible U/s 17(5)
Car A/c .....Dr.
To ITC A/c...Cr
Being ITC tranfer on a/c of ineligible u/s 17(5)
Pankaj ji, I did not understand your second Part?
Pankaj ji, thank you for your valuable reply. But what to do if there is more than one transactions, should i do this one by one or otherelse? Please reply
And also there is more than one head of expense.
PASS SEPRATE ENTRY FOR EACH HEAD ,...
DEAR VINOD JI
2ND ENTRY WILL BE REFLECT IN 3B UNDER ROW 17(5) (REVERSAL OF ITC)
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