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input tax credit
If Goods against an Invoice are received in lots or instalments ITC can be availed only upon receipt of last lot or instalments. What happens if the movement is not completed before the due date of furnishing the September Return or Annual Return.
Replies (11)
The case which you are asking is one which involves movement in lots started in march but couldn't be completed till 20th October. That is more than 6 months gap. Theoretically it is interesting but practically in my opinion its not.
Why would anyone under one invoice would stretch it this long?
Why would anyone under one invoice would stretch it this long?
* in my opinion its not possible*
Thanks. Mbn.
This is possible. For ex. A company may place bulk orders for its raw materials to avail discount and it may intimate the seller to dispatch goods in installments. It solely depends upon the terms of agreement and the installment even stretches to year or years. I have seen it practically.
Agreement can be for years but i am talking about under one invoice
sorry..den i m wrng
No problem
We are all learning
We are all learning
if someone purchased the goods not for supplying ie printing and stationery items which is for indirect expenses then GST will be claimed or not, if not claimed then what about matching of input credit, because the seller uploads the supply invoices, it reflects in our electronic ledger. I need a suggestion thanks
Printer and stationary would have been bought for furtherance of business (they will aid you in your business), therefore credits will be available.
Input means Central, State, Integrated tax charged on supplies made to recipient.
so no problem in taking claim.
Sir in textile fabric there was not VAT or any other tax now how to avail the input tax credit in lying stock before 1st of july
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