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GST year end

vinay (Trainee CMA) (241 Points)

09 April 2023

invoice date 31-3-23 (FY 22-23) (invoiced from Delhi to Kerala)

Material receipt date 05-4-23 (FY 23-24) (Kerala)

How to deal with input tax credits?

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3 Replies

CA Rakesh Ishi (Working at Private Company) (8202 Points)
Replied 09 April 2023

Since the invoice date is in FY 22-23 and the material receipt date is in FY 23-24, the input tax credit can be claimed in the FY 23-24 GST returns.

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vinay (Trainee CMA) (241 Points)
Replied 09 April 2023

How to set aside this input tax for next year in GST Site?

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 09 April 2023

As per Section 16 one of the condition to avail ITC is "Goods or services reced" So goods received in april-23 the ITC will be available in April23 only.

in Books the pass the entry in fy 22-23 As " Goods in Transit" & transfer the ITC to the "Pending ITC".

In April GSTR 3B under table 4 add the ITC for the same.

Note : There will be Mismatch Of ITC with GSTR-2B so do prepare the Reconciliation statement for the same