GST year end

This discussion addresses how to handle Input Tax Credit (ITC) when an invoice is dated in one financial year (FY 22-23) but the goods are received in the next (FY 23-24). The advice provided is to claim the ITC in the financial year the goods are received (FY 23-24). In your accounting, you can record the entry as 'Goods in Transit' for FY 22-23 and then transfer the ITC to 'Pending ITC'. Finally, claim this ITC in your April GSTR 3B return for FY 23-24, noting that a reconciliation statement will be needed due to potential mismatches with GSTR-2B.