Vat on goods in transit
This query is : Resolved
Anil Bhandari
(Querist)
07 April 2012
Dear sir,
We have some bills of GIT as on 31-03-2012, which we have entered in books on 31-03-2012. Now can u tell me that in which month we should claim input VAT(in March or In May)?
Please also suggest Journal Entry and Reason of claiming Vat?
We have some bills of GIT as on 31-03-2012, which we have entered in books on 31-03-2012. Now can u tell me that in which month we should claim input VAT(in March or In May)?
Please also suggest Journal Entry and Reason of claiming Vat?
CA CS Pawan Jajoo
(Expert)
09 April 2012
As per my opinion you shud enter Purchase bill as per your bill date. Because your purchases and suppliers sale should match in Return.
If bill date is in May
Thn enter the purchases as on march as
Goods in transit Dr.
to Supplier account
In May
Purchase Dr.
to Goods in Transit.
If bill date is in May
Thn enter the purchases as on march as
Goods in transit Dr.
to Supplier account
In May
Purchase Dr.
to Goods in Transit.
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