Questions:- 1. Agar mere supplier ne invoice issue kar di hai march 2020 me but goods or services physically received nahi hoti hai same financial year me means service receive hoti hai april 2020 ya uske baad due to corona virus or kisi aur reason se to ish case me gst law ke according to jab physically goods/services receive hogi to hi ITC CLAIM KAR SAKTE HAI aur agar books ki baat karu to inventory bhi ushi day to increase hogi jis date ko goods received hota hai to ish case me agar koi income tax law me accrual basis par return file karta hai to kya vo ish goods/services ko ush year me show nahi karega jis year me uske supplier ne invoice issue ki hai kyun ki supplier to gst return or income tax return me ushi year me sab kuch show karega. in short mujhe jankari jo chahiye kirpya aap vo bataye. 1. how to maintain books of accounts in that case for both financial year. (entries related to that situation) 2. In which year we can show that purchase on income tax return or supplier liability also. 3. how to show that data on gstr9 of f.y.19-20 or 20-21 if my case for this years. 4. how to that on gst return means gstr 3b.
Hii
1 in books and for income tax purposes show this transaction as stock in transit
2 show in FY 2019-20 as stock in transit and in FT 2020-21 make journal entry in books to convert this stock in transit to purchase
3 in GSTR9 FY 2019-20 show itc claimed in next FY year upto September return
same in FY 2020-21 show itc claimed of earlier year
4 show itc in April 2020 GSTR3B (assuming goods received in April )
1. If the invoice is already issued in March 2020 but the goods were not received by 31.03.2020 then book the invoice in March 2020. Instead of purchases it would be goods-in-transit and credit the supplier. In respect to ITC, create separate ledger for it. Avail the ITC when goods will be received physically. In F.Y. 2020-21, Dr.purchases A/c and Cr.Good-in-transit and avail and utilise the ITC. In GSTR-9, show the ITC availed in next F.Y. 2020-21.
2. Purchase will be shown in F.Y. 2020-21 and supplier liability in F.Y. 2019-20.
3. In GSTR-9, show the ITC availed in next F.Y. 2020-21.In F.Y. 2020-21, in GSTR-9, show ITC claimed of F.Y. 2019-20.
4. In GSTR-3B of March 2020,no ITC would be available though it would be reflecting in GSTR-2A.
1. Show the goods as goods in transit in books of accounts. In next year debit it in purchase.
2. In F.Y. 2020-21.
3. In GSTR 9 show it as ITC claimed in next year and in GSTR 9 of next year show it as ITC of previous year.
4. Dont claim ITC in GSTR 3B of March claim it in April though ITC will be showing in March GSTR 2A.
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Thank you.
Hello,
1. Use the Goods in Transmit A/c. rather than showing it in the Purchases A/c.
2. Purchases would be declared in F.Y. 2020-21.
3. ITC would be claimed in F.Y. 2020-21 April's GSTR-3B. GSTR-9 of F.Y. 2019-20 would report this ITC claimed in the next F.Y.
4. Claim ITC on such a purchase in April 2020's GSTR-3B.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
A) Goods for the purpose of income tax will be goods under transit / goods lying at third party premises and shown under closing stock
B) purchase will be recorded in March Month
C) in 2019-20 GSTR 9 it will show as ITC Claimed in 2020-21
D) in GSTR 3B it will show under April or May when the goods actually received
Hi,
1. The same will be treated as goods in transit and shown under closing stock.
2. In FY 2020-21.
3.In GSTR 9 FY 2019-20 show it as ITC claimed in next year.
4.Show the same in April 2020 GSTR-3B.
Dear Client,
1. Aap ka case "Goods in Transit" k under aata hai. Isliye aap apni books me GRN April ya May me hi karenge aur tabhi aap ITC avail karenge.
2. Aap ke books me purchase aur vendor liability April me hi book hogi i.e. next financial year
3. 19-20 k GSTR 9 me 2A v/s Books me jo difference dikhega usko reconciliation item dikhana padega.
4. ITC ka credit GSTR 3B me April month me loge to automatically woh us saal k GSTR 9 me reflect karega aur GSTR 9 ka difference for 20-21 will set off against difference of 19-20. Aapko kuch karneki jarurat hi nahi hai.
Asha hai aapki query resolve hui.
