Goods are received in the month of July"17, but party raised in invoice in the same month but invoices are submitted to make payment in the month of Mar"18 and also accounted and payment made in the month of mar"18 and input tax credit will be receivied in the mar"18 Only.
as per sec 16(2). when payment is not made with in 180 days from the date of invoice. input tax credit will be disallowed and interest will be penalised.
can we take input tax credit on such invoice or not?
CAclubindia
