ITC ON GOODS INTRANSIT
thomas c a Abraham (43 Points)
12 July 2018
Can we take itc on the goods in transit
2 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14868 Points)
Replied 12 July 2018
For input tax credit as per section 16 of the CGST 2017 act , you have fulfil following conditions
1) you must valid Invoice with correct GSTN no .
2) You must received goods or service
3) supplier must pay the tax amount to GOVT paid by buyer for the said supply .
4) Supplier must file retrun .
ANITA BHADRA
(MANAGER(FIN))
(45 Points)
Replied 12 July 2018
Provision (Section 140 (5) of CGST Act) for ITC on Goods in transit was appl;icable for goods dispacthed before appointed date ( 01 July 2017) but received after this date .
In present situation , as righly mentioned by Mr. Prasad , One of the condition to avail ITC under section 16 is the receipt of goods ..
You can not take ITC on Goods in Transit
Recent Topics
- Which itr form required ?
- Can you please explain me the working of tax liabi
- Can a stand alone restaurant opt for tax rate of 1
- Income Tax Query. Capital gain & section 54
- 26 QB - TDS
- Partner remuneration beyond 40 (b) limits
- How to get Professional Tax refund shown in PTRC I
- No GST on Property Redevelopment If Development Ri
- Guide to Closing Private Limited Company
- BUILDER SELLING CONSTRUCTION PROPERTY
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
