This document outlines 4 situations that can trigger an ITC reversal in GST accounting:
1. If payment is made to a supplier more than 180 days after the date of invoice
2. If an asset for which ITC was claimed is sold before the end of its useful tenure
3. If an asset for which ITC was claimed is used for personal rather than business use
4. If depreciation is claimed on the ITC amount of an asset
It also provides accounting entries to record ITC reversals in different scenarios like late payment to suppliers, asset sales, and interest calculation.
This document outlines 4 situations that can trigger an ITC reversal in GST accounting:
1. If payment is made to a supplier more than 180 days after the date of invoice
2. If an asset for which ITC was claimed is sold before the end of its useful tenure
3. If an asset for which ITC was claimed is used for personal rather than business use
4. If depreciation is claimed on the ITC amount of an asset
It also provides accounting entries to record ITC reversals in different scenarios like late payment to suppliers, asset sales, and interest calculation.
This document outlines 4 situations that can trigger an ITC reversal in GST accounting:
1. If payment is made to a supplier more than 180 days after the date of invoice
2. If an asset for which ITC was claimed is sold before the end of its useful tenure
3. If an asset for which ITC was claimed is used for personal rather than business use
4. If depreciation is claimed on the ITC amount of an asset
It also provides accounting entries to record ITC reversals in different scenarios like late payment to suppliers, asset sales, and interest calculation.