Question ID :
37976
VALUATION
Dear Sir,
I client in the business of erection of plant i.e prefabricated buildings. He is constructing the same for himself. Please guide how to value it or should we reverse the input tax credit and credit purchase account or some other way i.e Builidng Dr
To Cenvat Credi
To Purchases
To Manufacturing Exp
Posted by
VIPIN GUPTA
on
Feb 13, 2019
Filed Under
GST
Input Tax Credit for any Immovable property for own account is ineligible under 17(5) of CGST Act, so you may capitalize the same in the Immovable Property itself. If you have booked the ITC on account of Material Purchases, Reverse the same by Crediting GST Receivable and Debiting the Asset account.
Posted by
Ashish Kumar Goyal on
Feb 15, 2019
Answer ID :
76282
Input Tax Credit for any Immovable property for own account is ineligible under 17(5) of CGST Act, so you may capitalize the same in the Immovable Property itself. If you have booked the ITC on account of Material Purchases, Reverse the same by Crediting GST Receivable and Debiting the Asset account.
Posted by
Ashish Kumar Goyal on
Feb 15, 2019