Itc
This query is : Resolved
19 November 2018
Dear Sir,
I have purchase some material and detail below:
Date of Invoice 25/10/2018
Goods received on 01/11/2018
My question
1. When to enter purchase on books on Invoice dt or on receive dt
2. When to claim ITC on purhcase on on Invoice dt or on receive dt
I have purchase some material and detail below:
Date of Invoice 25/10/2018
Goods received on 01/11/2018
My question
1. When to enter purchase on books on Invoice dt or on receive dt
2. When to claim ITC on purhcase on on Invoice dt or on receive dt
19 November 2018
Dear Sir,
I have purchase some material and detail below:
Date of Invoice 25/10/2018
Goods received on 01/11/2018
My question
1. When to enter purchase on books on Invoice dt or on receive dt
2. When to claim ITC on purhcase on on Invoice dt or on receive dt
3. If purchase book on Invoice dt and Itc claim?? what happen
I have purchase some material and detail below:
Date of Invoice 25/10/2018
Goods received on 01/11/2018
My question
1. When to enter purchase on books on Invoice dt or on receive dt
2. When to claim ITC on purhcase on on Invoice dt or on receive dt
3. If purchase book on Invoice dt and Itc claim?? what happen
19 November 2018
You can claim ITC only when the goods at actually received.
20 November 2018
If purchase book on Invoice dt and Itc claim?? what happen
21 November 2018
If purchase book on Invoice dt and Itc claim?? what happen
02 August 2024
Here’s how to handle the accounting and ITC claim for purchases under GST:
### 1. **Entering Purchases in Books:**
- **Invoice Date vs. Receipt Date:**
- Generally, purchases should be recorded in your books of accounts based on the **Invoice Date**, not the goods receipt date. This is because the invoice date is crucial for determining the correct period for accounting and tax reporting.
### 2. **Claiming ITC:**
- **Claim ITC on Invoice Date:**
- You can claim ITC based on the **Invoice Date** if you have received the goods and the invoice is in your possession. The ITC is typically eligible from the date of invoice or from the date when goods are received, whichever is later.
- **If Claiming ITC on Invoice Date:**
- You should ensure that the invoice is reflected in your GST returns and you have received the goods. ITC can be claimed in the GST return of the month in which the invoice is dated, provided you meet the following conditions:
- The goods or services are received.
- The invoice is entered in your records.
- The supplier has uploaded the invoice in the GST portal.
### 3. **Impact of Book Entry Date on ITC Claim:**
- **If Booked on Invoice Date and Claimed ITC:**
- If you record the purchase on the invoice date and claim ITC accordingly, ensure that:
- The invoice is valid and complete.
- The goods have been received.
- You have complied with the GST rules for claiming ITC.
- **If the ITC Claim is Not Eligible:**
- **ITC Reversal:** If for some reason the ITC claimed on the invoice date does not meet the requirements (e.g., the goods were not received, or the invoice is not valid), you may be required to reverse the ITC and pay interest or penalties as applicable.
### Summary:
1. **Enter Purchases in Books:** Generally, based on the invoice date.
2. **Claim ITC:** On the invoice date, provided the goods are received and the invoice is valid.
3. **Discrepancies:** If there are discrepancies (e.g., claiming ITC without receiving goods), you may need to reverse the ITC and potentially face penalties.
Ensure all conditions under the GST law are met to avoid issues. For specific guidance, especially if there are exceptional circumstances or complexities, consulting a tax advisor or GST consultant can be beneficial.
### 1. **Entering Purchases in Books:**
- **Invoice Date vs. Receipt Date:**
- Generally, purchases should be recorded in your books of accounts based on the **Invoice Date**, not the goods receipt date. This is because the invoice date is crucial for determining the correct period for accounting and tax reporting.
### 2. **Claiming ITC:**
- **Claim ITC on Invoice Date:**
- You can claim ITC based on the **Invoice Date** if you have received the goods and the invoice is in your possession. The ITC is typically eligible from the date of invoice or from the date when goods are received, whichever is later.
- **If Claiming ITC on Invoice Date:**
- You should ensure that the invoice is reflected in your GST returns and you have received the goods. ITC can be claimed in the GST return of the month in which the invoice is dated, provided you meet the following conditions:
- The goods or services are received.
- The invoice is entered in your records.
- The supplier has uploaded the invoice in the GST portal.
### 3. **Impact of Book Entry Date on ITC Claim:**
- **If Booked on Invoice Date and Claimed ITC:**
- If you record the purchase on the invoice date and claim ITC accordingly, ensure that:
- The invoice is valid and complete.
- The goods have been received.
- You have complied with the GST rules for claiming ITC.
- **If the ITC Claim is Not Eligible:**
- **ITC Reversal:** If for some reason the ITC claimed on the invoice date does not meet the requirements (e.g., the goods were not received, or the invoice is not valid), you may be required to reverse the ITC and pay interest or penalties as applicable.
### Summary:
1. **Enter Purchases in Books:** Generally, based on the invoice date.
2. **Claim ITC:** On the invoice date, provided the goods are received and the invoice is valid.
3. **Discrepancies:** If there are discrepancies (e.g., claiming ITC without receiving goods), you may need to reverse the ITC and potentially face penalties.
Ensure all conditions under the GST law are met to avoid issues. For specific guidance, especially if there are exceptional circumstances or complexities, consulting a tax advisor or GST consultant can be beneficial.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
