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Claiming ITC on Capital Goods in Tally under GST
input tax credit on capital goods in tally

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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