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Input tax credit against bill of fy 2017-18 rcv in 2018-19

Sunil Kumar Mallia (Accountant) (46 Points)

15 May 2018

Dear sir,

Received a purchase bill of 31.01.2018 in May'18. Can we take input against that bill in May'18 ? OR anyother way to book that bill...plz suggest.

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3 Replies

CA Naveen Chand (Chartered Accountant) (12739 Points)
Replied 15 May 2018

ENTERED SUCH BILL IN THE MONTH OF JAN

AND YES U CAN TAKE INPUT TAX CREDIT OF SUCH BILL IN THE M/O APRIL 2018 IN GSTR_3B

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vikram kerekar (1244 Points)
Replied 15 May 2018

same as sale bill than what?

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 15 May 2018

Payable with interest from the date of Sale....

As per my experience...
In the Indirect Tax regime (Sales, Service & Central Excise) we have the time limit (90 to 180 days) for the Inward supplies...
But, no more time limit for Outward supplies.

Bcoz,
It's from Our end. So, no way for missing. If we missed the outward invoice then we ll give the penalize under the above act...

Practically it's not available in GST...