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ITC on advance
if we are releasing any advance payment to vendor then can we book the input tax credit on Receipt Voucher
Replies (2)
No you can not take the credit. Because as per ITC rules, Advance receipt voucher is not mention there for taking of credit.
You can not claim ITC in the return of next month of paying advance to vendor. It is at the time of raising Invoice when GST paid is adjusted.
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