Claiming ITC on Capital Goods in Tally under GST

Claiming ITC on Capital Goods in Tally under GST

Under the Goods & Service Tax regime, ITC can be availed by every registered taxable person on all inputs used or intended to be used in the course of or for furtherance of business – be it goods or services. Similarly, ITC will also be available on capital goods used in the course of business, except for a few exceptions.

Example Doon Traders Purchased Machinery Costing Rs 200000 and Gst Paid Rs 18000 from Kailash traders which is Intra state purchase.

Go to gateway of tally > Accounts Info > Ledger Create > Machinery >Under Fixed assets >Is Gst Applicable >Yes

Set aller set detail Set to > Yes

  • A Tax details shows
  • Under nature of payment >purchase taxable
  • Nature of goods > capital goods
  • Taxability > taxability
  • under tax type :type tax rate 18%




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