Purchase bill entry date

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This discussion addresses the correct accounting date for a purchase bill received in February 2022 but dated December 2021. The consensus is that the bill should be accounted for based on the date the goods were actually received. This is crucial for correctly claiming Input Tax Credit (ITC), as it can typically be claimed up to the filing of the annual return for the relevant financial year.

Suhasini Lad

Suhasini Lad (Querist)
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22 February 2022 Dear All,

We are an LLP organisation. I have received a purchase bill of December 2021 month in the month of February, 2022. The bill date is 20/12/2021 and received for entry on 22/02/2022. My question is what date should i consider the purchase bill for i.e should i entry in the month of December, 2021 as on 20/12/2021, or can i enter in the current month i.e in the month of February, 22/02/2022.

As far as my knowledge is concern, i can enter it in the month of December, 2021 as i can claim the ITC till the filling of Annual return for Financial Year 2021-22.

Please clarify,

Thanking you.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 February 2022 Account it in December month if goods received in December.

Suhasini Lad

Suhasini Lad (Querist)
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22 February 2022 Sir, if goods are not received in December month but in February month, then what will be the month to account it. Does the accounting depend on the receipt of goods. Then what is the point that we can take the ITC credit till the Annual return filling. I think that it should not make a difference, whether i account the invoice in the month of december 2021 or in month of february, 2022, as i am accounting it in the same financial year i.e 2021-22. Please provide me the web link if there is clarification for the same. Please answer.

Thanking you.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 February 2022 Yes, accounting required receipt of goods then only it can be taken to stock. Take ITC in the month of receipt of goods that one of the condition to take ITC.

Suhasini Lad

Suhasini Lad (Querist)
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23 February 2022 Thank you sir for your kind response.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 February 2022 You are welcome.......

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