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Which month to consider

Pratik Surve (Assistant Professor ) (571 Points)

01 April 2019

we have received goods on 1st april 19 and invoice date is 30.3.19. in that case in which we should book the invoice. can we book in April month? as actual goods received in April . or can we book in March.
I am getting problem with financial year.
what to do plz reply

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11 Replies

CA Charmie Jhaveri (Associate) (163 Points)
Replied 01 April 2019

Since the invoice date is 30.03.2019, it has to be booked on the date of invoice.

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 01 April 2019

Are You maintain inventory System...?!

If Yes then You will account in FY 19-20...

If not then account in FY 18-19...

Option based on Your accounting system...

Also You can consider CA Charmie Jhaveri's reply...

Pratik Surve (Assistant Professor ) (571 Points)
Replied 01 April 2019

OK
yes we maintain inventory records
what if we booked this on March.
it will create problem in future.??

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 01 April 2019

No more problems created...

But, Check out the transportation periods of the such supply. May be it's exceeding the time periods then better to account in FY 19-20...

Pratik Surve (Assistant Professor ) (571 Points)
Replied 01 April 2019

ok
but how can we pass entry in April as our software will not take march dated invoice in April month
bcoz Change in financial tear

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 01 April 2019

Try to Voucher date in Apr-19 and invoice date is Mar-19...

Pratik Surve (Assistant Professor ) (571 Points)
Replied 01 April 2019

OK
thank for quick response

RAJA P M ("Do the Right Thing...!!!") (127142 Points)
Replied 01 April 2019

You are most welcome...

Mohit Jagnani (Professional - CA firm) (524 Points)
Replied 01 April 2019

Hi pratil,

I differs from the veiws.

As per section 16(2) - Notwithstanding anything contained in this section, no registered person shall be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless,--

[a] he is in possession of a tax invoice or debit note issued by a supplier registered under this Act, or such other tax paying documents as may be prescribed;

[b] he has received the goods or services or both.

Since in point b it is evident that for taking credit you must have received goods, so the entry should be booked in April and not in march

Others kindly correct me if I am wrong

For further assistance kindly reach out to us

HAPPY TO HELP

MOHIT JAGNANI
8820448170