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Purchase

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2010 Hi
Repected Members

Can any on e tell me if any company purchase the material on 5th May and invoice received on 6th june then such material on which date should be recoreded and in which month?

I arise such question because of vat return of May already filed so in which month and date such purcahse should be recorded?

whether Vat credit can be taken in june or subsequent month in same financial year.?
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Shudhanshu Agrawal

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Shudhanshu Agrawal (Expert)
29 June 2010 Dear Rupesh,

Problem which you are mentioning here is a regular kind of problem and for that you must be following some kind of procedure. I will suggest you to follow the same. However, the entry should be passed when you recognise the bill in your books and hence according to your case it should be recorded on 6th June.
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CA Shiv

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CA Shiv (Expert)
29 June 2010 In case of Vat return it will be for month of june as you need to take credit of it after receiving tax invoice....
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