CA riya (CA) (266 Points)
05 December 2008What would be the treatment of Input Tax on goods in transit in Form 13A.If its accounted in audited BalanceSheet and if its not accounted..The client says the goods are received in May only.. So couldnt include in Form 10 filed for the month of March ... Also the same goods are utilized only in the month of May .. So can he take the input credit in the current year or next year?Any specified treatment in KVAT?
CA. Mahesh Agarwal
(Chartered Accountant)
(733 Points)
Replied 05 December 2008
he can take credit in current year, no problem.
Accounting doesnot matter with credit of inpt.
sanjeev
(govt. Emloyee)
(565 Points)
Replied 05 December 2008
in my opinion on receipt of goods only we can take credit
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