WE ARE TRADER. SUPPOSE WE ORDER SOME PRODUSCTS FROM PUNE AND IT TAKES 10 DAYS TO REACH AT US. FOR EXAMPLE IN THE 26TH MAY WE ORDER THE MATERIALS AND IT REACH US ON 6TH JUNE. CAN WE TAKE INPUT CREDIT OF THIS PRODUCT IN THE MONTH OF MAY OR THERE ANY PROBLEM IN GST AUDIT. PLS GUIDE
Menu
Input credit
Replies (6)
Consider the date of invoice.
Consider the date of invoice.
You have to consider the Invoice date, as you said above that if you purchase product in may and which will delivered in june then in this situation, you have to consider the date at which invoice was prepared. AS PER YOUR EXAMPLE-
Situation 1- If invoice show MAY month date then you can book gst input in MAY month and can take credit of that in JUNE month while making payment of MAY month gst (other than reverse charge).
Situation 2 - If invoice show JUNE month date then you can book gst input in JUNE month and can take credit of that in JULY month while making payment of JUNE month gst (other than reverse charge).
Yes you can account it on may month returns
For taking input tax credit two conditions has to be satisfied as per Section 16 of CGST Act viz the possession of tax invoice, receipt of goods.
In the given example, the date of invoice is May but the goods are received in June. Hence, the credit can be taken in June only as per the law.
Recent Threads
- UNCLAIMED TDS REFUND QUERY
- Rcm payable which head
- Query of GST
- Long Term Capitalgains on sale of residential prop
- How Salaried Individuals Can Reduce Capital Gains
- NSTPI registration
- GST PAID IN DELHI
- How to Trade Forex in India?
- TDS - requirement of TDS by individual under presu
- Normal Register in GST in delhi in gujarat no rece
Related Threads
CAclubindia
