Dear members,
If the vehicle purchased for company. It is not eligible for ITC. But how to book this transaction. Is it include GST tax to the basic price or exclude the gst tax for booking as asset. For calculating depreciation, exclude the gst or include the gst.
Please clarify anybody.
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Whether GST include or exclude
Replies (3)
That's not eligible to ITC means u can book Asset on total invoices value
Since the GST paid on Vehicle ( purchased not in furtherance of buainess ) cannot be taken as ITC and hence the depreciation can be claimed on total amount paid for purchase of Vehicle ( including GST )
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