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Input Tax Credit

17 May 2019

I received few bills of previous year 2018-19 charging GST of 18%...i want to know whether i can take itc on those bills..if yes what will be the entry in tally..should i show them as receivable?

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6 Replies

Asiya Begum (Chartered Accountant) (687 Points)
Replied 17 May 2019

Yes you can take. The credit on invoices pertaining to FY 18-19, can be availed upto 30th September 2019. In tally, you can show the same as any other credit and debit it to input account.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 17 May 2019

Yes... You can take ITC for the bills.

Also You can book the invoices in FY 18-19 and C/f the Tax to April month.

MY Indians Tv (292 Points)
Replied 17 May 2019

As per cgst rules,2017

the last date for availing ITC for a financial year will be Earlier of

1) Sept 30th of the following financial year
2) due date of filling annual return. i.e, 30th dec generally unless extended