Input credit of purchases of 31.03.18

This query is : Resolved

DEVI SINGH PARIHAR (Querist)
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10 August 2018 IF A SUPPLIERS BILLED ON 31.03.2018 (LAST DAY OF F.Y. 2017-18) FROM DELHI FOR DELIVERY OF GOODS IN JODHPUR (RAJASTHAN) AND GOODS ARE ACTUALLY DELIVERED IN RAJASTHAN ON 03.04.2018 (F.Y. 2018-19). SO IN WHICH F.Y. YEAR PURCHASER OF JODHPUR (RAJ.) CAN TAKE INPUT OF GST PAID WHETHER IN F.Y. 2017-18 OR IN F.Y. 2018-19 AND ALSO IN WHICH F.Y. HE CAN ENTER PURCHASES IN HIS BOOKS OF ACCOUNTS.

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
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10 August 2018 Since goods received in 18-19, input credit can be availed only in 18-19

DEVI SINGH PARIHAR

DEVI SINGH PARIHAR (Querist)
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10 August 2018 THANKS FOR YOUR KIND REPLY AND IN MY ABOVE POST MY SECOND POINT WAS IN WHICH F.Y. WE CAN BOOK OUR PURCHASES BCS. SUPPLIER RAISED BILL ON 31.03.2018 (F.Y. 2017-18) AND GOODS ACTUALLY RECD. ON 03.04.18 IN F.Y. 2018-19. SO, CAN WE ENTERED PURCHASES ON 31.03.2018 AS GOODS IN TRANSIT AND SHOWS IN TRADING ACCOUNT OF 2017-18 CLOSING STOCK IN TRANSIT AND GOODS RECD. IN 2018-19 SO WE CAN TAKE GST INPUT IN F.Y. 2018-19 OR YOU HAVE ANY OTHER WAY TO TREAT THIS SITUATION. PLS REPLY.

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RAJA P M

RAJA P M (Expert)
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10 August 2018 You will book the Purchase in FY 2017-18 and Carry forward the ITC to FY 2018-19

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
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10 August 2018 You could record as goods in transit in f.y 17-18 with credit in suspense account. As per section 16 of cgst act credit is eligible on the possession of goods.