Input credit of purchases of 31.03.18
This query is : Resolved
10 August 2018
IF A SUPPLIERS BILLED ON 31.03.2018 (LAST DAY OF F.Y. 2017-18) FROM DELHI FOR DELIVERY OF GOODS IN JODHPUR (RAJASTHAN) AND GOODS ARE ACTUALLY DELIVERED IN RAJASTHAN ON 03.04.2018 (F.Y. 2018-19). SO IN WHICH F.Y. YEAR PURCHASER OF JODHPUR (RAJ.) CAN TAKE INPUT OF GST PAID WHETHER IN F.Y. 2017-18 OR IN F.Y. 2018-19 AND ALSO IN WHICH F.Y. HE CAN ENTER PURCHASES IN HIS BOOKS OF ACCOUNTS.
10 August 2018
Since goods received in 18-19, input credit can be availed only in 18-19
10 August 2018
THANKS FOR YOUR KIND REPLY AND IN MY ABOVE POST MY SECOND POINT WAS IN WHICH F.Y. WE CAN BOOK OUR PURCHASES BCS. SUPPLIER RAISED BILL ON 31.03.2018 (F.Y. 2017-18) AND GOODS ACTUALLY RECD. ON 03.04.18 IN F.Y. 2018-19. SO, CAN WE ENTERED PURCHASES ON 31.03.2018 AS GOODS IN TRANSIT AND SHOWS IN TRADING ACCOUNT OF 2017-18 CLOSING STOCK IN TRANSIT AND GOODS RECD. IN 2018-19 SO WE CAN TAKE GST INPUT IN F.Y. 2018-19 OR YOU HAVE ANY OTHER WAY TO TREAT THIS SITUATION. PLS REPLY.
10 August 2018
You will book the Purchase in FY 2017-18 and Carry forward the ITC to FY 2018-19
10 August 2018
You could record as goods in transit in f.y 17-18 with credit in suspense account. As per section 16 of cgst act credit is eligible on the possession of goods.
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