if Aug month purchase bill received 15/9/2017 can we pass this entry on 15/9/2017 and take set off this bill
Yes you can take the input credit of August bill in September. Basically the credit system will be based on GSTR-1 return filed by your supplier.
If he uploads invoice then only you will get credit, otherwise if you took credit in GSTR-3B you might have to reverse it later and pay interest and penalty.
But if your supplier uploads his invoices, and file proper returns, you will automatically get input credit.
Sign up to discuss taxation, accounting and finance topics with experts from all over India.Join Discussion