Hello
I purchased material from Delhi to Kerala. Invoice raised on 30th March but material received on April 4 th. Which date i must enter purchase. If its on receipt date, how to utilize credit appeared on 2A of last month. Please clarify
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Input tax credit of last month end purchase
Replies (2)
Purchase need to book in April & ITC need to be claimed in April month as the goods being received in April ( one of condition to claim ITC in Section 16(2) : goods must be received)
In March you can record such transactions in account book as " Goods in Transit "
In March you can record such transactions in account book as " Goods in Transit "
Accrual basis of accounting is followed. Purchase liability to be booked in Mar . Then to be reversed in April 2023. Gstr 2A input tax credit on receipt basis.
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