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Last year Invoice

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140 Points Joined July 2021
Team,

What are the consequences if we make payment of Nov2019 Tax invoice now ?like how does it effect income tax, ITC, company act.

Shall I ask vendor to issue invoice with current date ?

FYI, No provision was made in last year book


Thanks,
Laxmi
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On 03 July 2021 at 16:10 Report
Replies (17)
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GST Consultant
15986 Points Joined March 2013
You should have reversed itc on completion of six months from the date of invoice if payment was not made along with interest.
Thereafter when you are making payment you can reclaim the itc on original invoice.
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On 03 July 2021 at 16:21
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140 Points Joined July 2021
We received invoice yesterday.Can I ask vendor to issue invoice with current FY date
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On 03 July 2021 at 16:26
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CMA
13117 Points Joined May 2009
You will not be able to claim ITC in respect of Nov19 invoice even if accounted now. Further, under income tax, such expense would be treated as prior period expense. Hence it is better to get a current dated invoice.
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On 03 July 2021 at 16:29
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140 Points Joined July 2021
If I get current dated invoice can I get ITC poornima Ji ? we haven't made provision for this expense , so can we claim as income tax deduction in current year ?
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On 03 July 2021 at 16:31
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GST Consultant
15986 Points Joined March 2013

If you have received the invoice now then you won't be able to claim ITC on it. Ask your vendor to issue a fresh invoice at current date.

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On 03 July 2021 at 16:32
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CMA
13117 Points Joined May 2009
Yes, you are right.
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On 03 July 2021 at 16:33
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CMA
13117 Points Joined May 2009
Originally posted by : Laxmi Kudire
If I get current dated invoice can I get ITC poornima Ji ? we haven't made provision for this expense , so can we claim as income tax deduction in current year ?

Yes, you are right.

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On 03 July 2021 at 16:34
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140 Points Joined July 2021
Yes this is what question, if vendor issue invoice with current date mentioning nature of expense with previous period Can we get ITC ? and income tax deduction?
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On 03 July 2021 at 16:34
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CMA
13117 Points Joined May 2009

Yes, you can..........................

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On 03 July 2021 at 16:35
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140 Points Joined July 2021
Thanks so both ITC as well as prior period expense are allowed then
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On 03 July 2021 at 16:37
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tax consultant
3306 Points Joined October 2018
If its shown that services were rendered in last year then it would violate provisions of gst invoice and time of supply.

you must show it as a current year expense for activities performed in current year.
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On 03 July 2021 at 19:20
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140 Points Joined July 2021
What are the consequences for not complying time of supply Veerendar ?
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On 03 July 2021 at 19:36
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GST Consultant
15986 Points Joined March 2013

Itc may get denied ......

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On 03 July 2021 at 19:45
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140 Points Joined July 2021
Any section or caselaw reference Zafar
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On 03 July 2021 at 19:46

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