Supplier uploading their sales invoice not within the time limit

[Syamaprasad Menon]

Some suppliers, unfortunately, do not file their GSTR1 before the respective cut-off dates, denying the opportunity to the receiver to avail the corresponding ITC. Is it proper to credit the inward supply account and GST Input accounts, debiting Inward supply late upload and GST Inputs on Late upload? We reverse the same when the invoices are uploaded. If this happens in the month of March or the corresponding upload by the supplier does not happen in the same financial year, we debit the Inward supply and credit the P&L while the Input GST on Late upload is carried over to the mext fianacial year as loans and advances. Is this a correct approach? any other suggestions?

[Shilpi Jain]

For sure having a track of the invoices in respect of which uploads are not done by the supplier is a wise decision

AI Summary

Handling Late Supplier Invoice Uploads for GST: Crediting Inward Supply and GST Input Accounts, Reversing After Uploads A user raised a query regarding the handling of sales invoices not uploaded by suppliers within the GST filing deadlines, which affects the receiver's ability to claim Input Tax Credit (ITC). They asked if it is appropriate to credit the inward supply and GST input accounts while debiting for late uploads, and to reverse these entries once invoices are uploaded. Additionally, they inquired about the correct approach if this occurs in March or if uploads are delayed beyond the financial year. A respondent suggested maintaining a record of unuploaded invoices as a prudent practice.