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%