What would be the treatment of Input Tax on goods in transit in Form 13A.If its accounted in audited BalanceSheet and if its not accounted..The client says the goods are received in May only.. So couldnt include in Form 10 filed for the month of March ... Also the same goods are utilized only in the month of May .. So can he take the input credit in the current year or next year?Any specified treatment in KVAT?
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Urgent - goods in transit
Replies (2)
he can take credit in current year, no problem.
Accounting doesnot matter with credit of inpt.
in my opinion on receipt of goods only we can take credit
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