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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Replies (11)
Quick Summary
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.
from GST point of view, ITC can be availed after receipt of goods or services (sec.16) and other conditions as mentioned therein.
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.
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
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.
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
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..
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)
@ 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?
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?
DEAR SOWJANYA
YES CORRECT.......................................................................................
Ok sir. thank you
YOU ARE ALWAYS WELCOME DEAR
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