Question

Tax paid on capital goods comes under which group

Answer 1

Answer:

When you purchase anything, you are required to pay GST on it. ... This GST paid can be claimed as credit in the same way as inputs. However, if youclaim depreciation on the GST paid while purchasing the capital asset, you cannot claiminput tax credit.

Explanation:

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Answer 2

Your question was incomplete. Please check below the full content.

Taxes paid come under which group

1. Capital
2. Loans and liabilities
3. Direct expenses
4. Duties and taxes

Answer:

The correct option is (4) Duties and taxes.

Explanation:

• A group is a collection of ledgers with similar characteristics. In order to establish and display accurate and compliance reports, account groups are kept in order to establish the hierarchy of ledger accounts. You can create reports in TallyPrime that are both legally correct and relevant by using groups.
• The group Current Liabilities can be used to immediately establish accounts like Outstanding Liabilities, Statutory Liabilities, and other small liabilities. Duties and Taxes, Provisions, and Other Creditors are subgroups under Current Liabilities.
• Duties & Taxes: Duties & Taxes includes a breakdown of all tax accounts, including GST, VAT, CENVAT, excise, sales, and other trade taxes, as well as the total liabilities (or asset, in the event of advances made).

Hence we can conclude that The Duties and Taxes group, which includes all tax accounts including GST, VAT, Excise and other trade taxes and total liabilities, should be used to establish any Tax Ledgers.

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