Fixed Asset Purchase With Gst Entry In Orange
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FAQ
Yes, businesses can claim Input Tax Credit (ITC) on fixed assets if they are used solely for business purposes. Proper documentation, such as a valid tax invoice, must be maintained, and the asset should be capitalized in the books of accounts. ITC cannot be claimed if the asset is used for personal purposes.
? 1️⃣ Sale of Immovable Fixed Assets (Land & Buildings) ✅ Sale of an under-construction building → GST @18% applies (Treated as a supply of services).