Time limit for taking vat credit
This query is : Resolved
Manan Shah
(Querist)
17 December 2011
My Query is related to state of Gujarat..
Is there any time limit for taking VAT Credit ? If possible kindly provide the Reference for the same......
One of my client has received the material and bill in the month of April 2011 and he forgot to take credit of the same.. Can he take credit of the April month's bill in the month of November 2011? If possible kindly provide the reference for the same..
Is there any time limit for taking VAT Credit ? If possible kindly provide the Reference for the same......
One of my client has received the material and bill in the month of April 2011 and he forgot to take credit of the same.. Can he take credit of the April month's bill in the month of November 2011? If possible kindly provide the reference for the same..
CMA Ramesh Krishnan
(Expert)
18 December 2011
It is based on the State VAT act. most of the state allows the time limit to take credit 3 months or closure of the financial year which ever is earlier. please refer the state VAT act
Manan Shah
(Querist)
19 December 2011
Dear Ramesh, i got your point but my question is that can i take credit of Month April 2011 in current Monthly Return or i have to claim the same through yearly return ??
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