Goods received from composition dealer

Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3284 Points)

08 November 2017

Dear Experts,

We have received goods from composition dealer and we want to know whether we can claim the ITC for the same.

Tax rate is 18%.

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4 Replies

B Vinay Reddy (Hyderabad ) (7842 Points)
Replied 08 November 2017

No You cannot claim Input

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Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3284 Points)
Replied 08 November 2017

So I need to pass entry in the books as below:

Purchase A/c Debit (Including GST value) 9440.00

To Party (Composition Dealer ) Credit 9440.00

B Vinay Reddy (Hyderabad ) (7842 Points)
Replied 08 November 2017

Yes Correct!!👍

1 Like

Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3284 Points)
Replied 08 November 2017

Thank You Sir.

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