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Miss not entry purchase bill

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Unfortunately I have not entry one purchase bill for month Jan 2020. Fy 2019- 20 on my books of Account and not taken ITC. But party submitted bill 2a on same month. Now how can I do because my itr audit completed
Replies (1)

1)  In GST the ITC  will be not be allowed as per section 16(4) of the CGST act 2017 . 

In other words , the ITC  pertaining to  F.Y 2019-20  is allowable till the due date of  the return  for the month of September , 20th OCT 2020 . 

2)  In Books of  Accounts  purchase Expense will be booked as  prior period Expense  as per  AS8 , shall  be shown  separately in P&L accounts as " prior period Expense for F.Y 2019-20 . 

3) In Income Tax Booked as " prior period expense " in P&L is non allowable  expenditure . 


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