Goods in transit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2013
Dear Friends,
In case of Goods in transit at the year end we used to show it in Current Assets and when Goods are physically received, then GIT is Credited and Purchase A/c is Debited. Since we have to issue Form C as per the date of Invoice which pertains to previous year (before any date of F/Year ending), hence, is it possible to book the expense in Current Year but Form C can be issued in Previous year date. How Form C will reconcile with VAT Return. Kindly clarify.
Regards
Saroj Pandey
In case of Goods in transit at the year end we used to show it in Current Assets and when Goods are physically received, then GIT is Credited and Purchase A/c is Debited. Since we have to issue Form C as per the date of Invoice which pertains to previous year (before any date of F/Year ending), hence, is it possible to book the expense in Current Year but Form C can be issued in Previous year date. How Form C will reconcile with VAT Return. Kindly clarify.
Regards
Saroj Pandey
16 April 2013
Yes form C will be issued in previous year itself.
You can match and clarify with party ledger.
I think party ledger would be sufficient to match to authority.
Gorav Kumar Goyal,
G K Goyal & Associates
You can match and clarify with party ledger.
I think party ledger would be sufficient to match to authority.
Gorav Kumar Goyal,
G K Goyal & Associates
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- Under construction property in ITR
- Not able to file ITR
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
