Latest Query & Reply

DEAR SIR,

THIS IS WITH REGARDS TO PURCHASE OF MARCH MONTH. MY CLIENT HAS FILLED HIS GSTR 3B RETURN FOR THE MONTH OF MARCH AND NOW HE HAS RECEIVED PURCHASE BILL OF AROUND 100000 FOR THE MONTH OF MARCH.

WHETHER THIS MARCH BILL TO BE TAKEN IN MARCH ITSELF OR IN THE MONTH OF APRIL FOR THE GST CREDIT PURPOSE. IF THIS MARCH BILL SHOWN IN APRIL THEN CONSEQUENCE IN INCOME TAX POINT OF ISSUE.

WHETHER THE SAME CAN BE SHOWN IN MARCH AND THE SAME CAN BE TAKEN CARE IN ANNUAL RETURN??

KINDLY GUIDE ON THE SAME

Reply

Dear Sir,

Since the purchase belongs to March, the said bill of march should be accounted in month of March instead of April. It will not lead to any kind of adverse consequences in the income tax point as well.