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Reg stock in transit

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840 Points Posted on 13 May 2020
Dear sir


We have received invoice copies dated march month. But materials yet to receive.... Can we account these invoices in march month 


 Also if material is received before filing march returns, can we account in march


Kindly clarify


Thank you.
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On 13 May 2020 at 12:44 Report
Replies (11)
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Practicing in GST and MSME
1985 Points Posted on 13 May 2020
From accounting point of view, If invoice date is prior to 1st April and material received on or after 1st April upto management specified date (based on practices/policies) and inco terms are Ex-works, then it will form part of GIT.

from GST point of view, ITC can be availed after receipt of goods or services (sec.16) and other conditions as mentioned therein.
3 Reply
On 13 May 2020 at 12:54
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director
99 Points Posted on 13 May 2020
Input can be availed only when recipent has goods as well as invoices in hand. for gst purpose it should not be taken in march month return.
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On 13 May 2020 at 13:56
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840 Points Posted on 13 May 2020
What is the impact we will receive if we take those invoice in march month as my supplier filed their invoice in march and it's reflecting in our 2A
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On 13 May 2020 at 14:06
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Practicing in GST and MSME
1985 Points Posted on 13 May 2020
If ITC is availed in non-compliance to GST provisions, ITC may be invalidated by deptt. or there are other penalty provisions for fraudulent availment of gst.
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On 13 May 2020 at 16:14
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director
99 Points Posted on 13 May 2020
ITC can be availed till 20 th October. As per my opinion credit should be availed only after receiving goods, whether or not reflected in 2A
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On 13 May 2020 at 16:18
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Chartered Accountant
1147 Points Posted on 13 May 2020

ITC can be availed only after receipt of goods and ensure to account by Sep'19 (if invoice pertains to 19-20) as per Section 16 of CGST Act..

No issues even if the supplier filed in his return in March 2019..

16 Reply
On 13 May 2020 at 18:47
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GST Practitioner
55067 Points Posted on 13 May 2020
Yes you can account such invoice in march but the ITC is available only when you reced the goods. (Refer Section 16 of CGST Act)
301 Reply
On 13 May 2020 at 23:38
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840 Points Posted on 14 May 2020
@ pankaj sir
I can account the invoice in march month and for the purpose of GST I can take ITC only after the receipt of goods.
RIGHT SIR?
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On 14 May 2020 at 08:27
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GST Practitioner
55067 Points Posted on 14 May 2020

DEAR SOWJANYA

YES CORRECT.......................................................................................

301 Reply
On 14 May 2020 at 11:00
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840 Points Posted on 15 May 2020
Ok sir. thank you
3 Reply
On 15 May 2020 at 06:11
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GST Practitioner
55067 Points Posted on 17 May 2020

YOU ARE ALWAYS WELCOME DEAR

301 Reply
On 17 May 2020 at 11:01


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