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ITC Adjustment of previous F.Y in books of accounts

21 October 2019

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 ?

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8 Replies

prasad Nilugal (3914 Points)
Replied 21 October 2019

Is your Balance sheet audited for F.Y 2018-19 ?.

Sumeet Gupta (123 Points)
Replied 21 October 2019

Yes, it has been audited

prasad Nilugal ( GST Practitioner & Accounts ) (14169 Points)
Replied 21 October 2019

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

CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 21 October 2019

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

Sumeet Gupta (123 Points)
Replied 21 October 2019

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

prasad Nilugal ( GST Practitioner & Accounts ) (14169 Points)
Replied 21 October 2019

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 .