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ITC Adjustment of previous F.Y in books of accounts

ITC / Input 376 views 8 replies
ITC of one purchase bill of F.Y. 2018-19 claimed in sept. 2019.
Whether to reflect this itc and corresponding purchase in books of accounts/balance sheet for current F.Y or previous F.Y ?
Replies (8)
Is your Balance sheet audited for F.Y 2018-19 ?.
Yes, it has been audited

When  you received the  purchase  bill ?  is it a Company , partnership firm , sole  propwriter  ,LLP ,   , ?.  

Hi sumeet,

technically you should add this in previous financial year as for as income tax is concerned. however for gst its a reconciliation item.

Thank you
You can also write to me  at sthayin @ gmail for further assistance
Bill received from a distributor in Feb 2019 but got misplaced then and hence could not be entered at that time and later on was observed during reconciliation

1) If you don't  have  original  Purchase Bill  then  you  neither  claim  Input  Tax credit  nor  you can show in the books of accounts . only  on rectification  in GSTR 2A  you can not claim Input tax credit   .  

    

Got duplicate copy of bill from supplier

confirm with others also .


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