06 November 2009
I have purchased the goods from ragistered dealer from maharashtra, which are eligible for set off under mvat act,2002.my query is that purchased bill is for the month of march 09 dt 31.3.2009 but i received the bill in the month of april 09 and accordingly i took the vat credit in the month of april 09, is this correct? or as per the mvat act,2002?
06 November 2009
Thank you for your Reply. Can U provide me, under which Section or Rule I Can take Credit on Purchase as per above Query or is there any Circular for this? awaiting for your Reply.
06 November 2009
Thanks for your Reply. We want the Section or Rule Reference No. under which I take the Credit on Purchases as per above query,as we can show that reference to our Sales Tax Department & also I will gain the Knowledge.
11 November 2009
You have to see the Rule & Section of Input credit. i don't think there would well defined about time of input credit. it may silent about time of input credit. it means there would no time restriction as such.
a] There would be cases where the goods are sold by the vendor in the month of March, 2005.� The goods so sold are received by the purchaser in the month of April, 2005. If the purchaser has accounted for such purchases in the month of March, 2005, then he should continue to treat such purchases as made in the year 2004-2005.
b] There is a practice among some dealers to account for such purchases at the time the goods are physically received by them.� In such a case, the purchases would be accounted for by the purchasing dealer in the month of April, 2005.� Such purchases would not, therefore, appear in his opening stock as on the 1st April, 2005.� If the purchases are accounted for in April, May or June 2005 and have not been considered in the opening stock of goods as on the 1st April, 2005, then the purchaser may claim set off towards such purchases in the month of April, May or, as the case may be, June 2005.�
13 November 2009
please find the prof for the same:ciculer dated 14-07-2005 17 T of 2005 Grant of set-off Under the Maharashtra Value Added Tax Rules, 2005
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