what would be the accounting treatment of a tally software and a laptop purchased by an iron and steel trader
You will get full input credit for Tally and laptop.
Tally you can expense in a year (tax part should not be considered as you are eligible for input credit of GST paid ).
For example, if cost of tally is 20000 + GST 3600 at 18%.
You need to Debit the cost of Tally and Debit GST input accounts.
Similarly for Laptop, you should capitalise the cost of Laptop without GST portion. If you expense the GST charged on Laptop then you will not get GST input.
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