Input tax credit

[MB N]

If Goods against an Invoice are received in lots or instalments ITC can be availed only upon receipt of last lot or instalments. What happens if the movement is not completed before the due date of furnishing the September Return or Annual Return.

AI Summary

Claim ITC Only After Complete Receipt of Goods Under GST; Affects Records If Not Done by September. A query was raised regarding the availing of Input Tax Credit (ITC) under the Goods and Services Tax (GST) when goods are received in lots or installments. The concern was about the impact if the goods are not fully received before the due date for the September or Annual Return. The response clarified that ITC should be claimed only upon the physical receipt of goods. If the movement is incomplete by the end of September, it affects the maintenance of accounting records. Credit can be claimed in the following month once goods are fully received.