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ITC on goods in transit


Rohit Agarwal   02 June 2020

Rohit Agarwal

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can I claim input on invoice of 31st March in the return of March but my goods is still in transit and the supplier has already shown it in his March return.

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Shivam RC (Student)     02 June 2020

Shivam RC
Student 
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As per the Provision of Section 16(2) of the CGST Act 2017, A Registered Person shall be entitled to take the credit of any input tax credit ( ITC ) in respect of any supply of goods or services or both to him when the following FOUR CONDITIONS are satisfied :

(i). Possession of a Tax Invoice.
(ii). "RECEIVED" the Goods or Services.
(iii). Supplier must have paid the Taxes.
(iv). He has furnished the RETURN under Section 39.

Therefore, since you have not yet received the goods ( Goods are in transit ), you cannot claim Input Tax Credit in the month of March 2020 according to the above mentioned Provision of the CGST Act 2017.

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Rohit Agarwal   02 June 2020

Rohit Agarwal

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What if I have received goods in may

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Shivam RC (Student)     02 June 2020

Shivam RC
Student 
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Claim ITC in the month of May 2020

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Rohit Agarwal   02 June 2020

Rohit Agarwal

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Https://blogs.tallysolutions.com/itc-on-goods-in-transit/
see this link

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Shivam RC (Student)     02 June 2020

Shivam RC
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But I think this Provision has not yet been notified. The New Return System will be applicable w.e.f 01/10/2020.

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Vishesh Surana   02 June 2020

Vishesh Surana

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It is already notified under section 16

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Rohit Agarwal   02 June 2020

Rohit Agarwal

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Can you please tell me the notification number?

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Shivam RC (Student)     02 June 2020

Shivam RC
Student 
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Even I wanted to know the Notification Number regarding this change in Section 16 @ Vishesh Surana Sir

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Pankaj Rawat (GST Practitioner)     02 June 2020

Pankaj Rawat
GST Practitioner 
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No there is not even such proposal in budget presented on 1/2/2020 , so the question of Notification does not arise.


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