TaxTMI 
TaxTMI 
What is the correct method to show for the current year in books of accounts and in GST returns of invoices for which Goods are in transit as of this 31st of March?
GST credit of Goods in Transit on 31st March
01 Apr 2023 
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GST input tax credit for goods in transit should be claimed when goods are received, with returns adjusted accordingly.
Where goods are in transit on 31 March, input tax credit and purchase should be recognised in the next financial year upon actual receipt; invoices appearing in GSTR-2B for March should not prompt availing ITC in March. To reconcile GSTR-3B with GSTR-2B, the recipient may disclose such credits as ineligible ITC "Others" in March and claim the eligible ITC in April when possession is obtained. (AI Summary)
Where goods are in transit on 31 March, input tax credit and purchase should be recognised in the next financial year upon actual receipt; invoices appearing in GSTR-2B for March should not prompt availing ITC in March. To reconcile GSTR-3B with GSTR-2B, the recipient may disclose such credits as ineligible ITC "Others" in March and claim the eligible ITC in April when possession is obtained. (AI Summary)