Input vat credit

Others 1673 views 4 replies

Jayabhadra Ravi

Student

41 Points Joined November 2010

Suppose, we received a purchase bill dated 29-09-2012 in Oct/Nov, 2012. Should the Input VAT on this invoice be shown in the VAT Return pertaining to September, 2012? Or, Can be this shown in the VAT Return pertaining to the month in which the Invoice was received (Oct/Nov, 2012)?

By the time the Invoice was received, the VAT Return/s might have been filed already. Then what is the course of action to be taken other than Revised Return? This is asked in view of repetetive receipt of Invoices after the date of filing. (In such a case to file Revised Return for every month is impractical)

So, this is the ultimately the doubt. Should the VAT Return pertaining to a month include the invoices booked by the Organisation in that month or Should it include the invoices raised against the Organisation during that month?

Replies (4)

Prateek Agarwal

Sr. Executive - Finance & Accounts

1732 Points Joined February 2011

You can book the invoices only when you have received it. Hence when you have received the same in a particular month, show it in that month only. Although it is impractical and would result in Data MIsmatch, it is the only way out.

shibu

Accountant

345 Points Joined February 2011

Hi,

You can claim input tax credit during the month your receive the materials.

Show the purchase bill detals in the month you receive it with TIN

Guest

You can Book the Purchases in the month of receipt of Material. How ever for period ending March Just Book Interstate purchases in the month of March itself so that you can get C form from sales tax authorities. This is practiocal issues.