Question

"Input Tax Credit on Capital Goods" ledger is created under​

Answer 1

Answer:

Explanation:

As per section 16 of CGST Act, every registered person, subject to conditions, restrictions, and manner as prescribed under section 49, should be entitled to take credit of input tax, charged on supply of goods or services or both to him, which are used or intended to be used in the course or furtherance of business.

Easy way for Reconciliation of GSTR 2A with GSTR 3B : GST Returns

Now we can understand from the above section that input tax credit is available only to the person registered under the Act, but as per the eligibility under section 49. However, this section does not distinguish between capital goods and inputs. Hence, let’s understand meaning of capital goods now.

Answer 2

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