invoice date 31-3-23 (FY 22-23) (invoiced from Delhi to Kerala)
Material receipt date 05-4-23 (FY 23-24) (Kerala)
How to deal with input tax credits?
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GST year end
Replies (3)
Since the invoice date is in FY 22-23 and the material receipt date is in FY 23-24, the input tax credit can be claimed in the FY 23-24 GST returns.
How to set aside this input tax for next year in GST Site?
As per Section 16 one of the condition to avail ITC is "Goods or services reced" So goods received in april-23 the ITC will be available in April23 only.
in Books the pass the entry in fy 22-23 As " Goods in Transit" & transfer the ITC to the "Pending ITC".
In April GSTR 3B under table 4 add the ITC for the same.
Note : There will be Mismatch Of ITC with GSTR-2B so do prepare the Reconciliation statement for the same
in Books the pass the entry in fy 22-23 As " Goods in Transit" & transfer the ITC to the "Pending ITC".
In April GSTR 3B under table 4 add the ITC for the same.
Note : There will be Mismatch Of ITC with GSTR-2B so do prepare the Reconciliation statement for the same
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