Vat on goods in transit

This query is : Resolved

Anil Bhandari (Querist)
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07 April 2012 Dear sir,

We have some bills of GIT as on 31-03-2012, which we have entered in books on 31-03-2012. Now can u tell me that in which month we should claim input VAT(in March or In May)?

Please also suggest Journal Entry and Reason of claiming Vat?

CA CS Pawan Jajoo

CA CS Pawan Jajoo (Expert)
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09 April 2012 As per my opinion you shud enter Purchase bill as per your bill date. Because your purchases and suppliers sale should match in Return.

If bill date is in May

Thn enter the purchases as on march as

Goods in transit Dr.
to Supplier account

In May

Purchase Dr.
to Goods in Transit.