Bill of lading 28/02/21
Bill of entry 30/03/21
Actual possession of Goods 09/04/21
Goods are imported under CIF basis.
Please guide Goods in transit entry
in the year FY 20-21
And Actual possession ( Purchase)
of goods entry in the year 21-22
Dear Mr. Rajkumar,
There is no entry in FY 2020-21 related to purchase.
The purchase booked in FY 2021-22 on that date the goods was received at your premises.
Till the risk & reward do not transfer to you, you can not book a purchase & there is no adjustment for Goods In Transit for Purchase. This concept is relevant for Sales.
Shaswat initial support private limited
Ahmedabad
CS
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Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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CAclubindia
