Materials received on FEBRUARY But Purchase Invoices received on MAY.
Where Purchase Bill will entered & ITC can take now ????
Replies (5)
Quick Summary
This discussion addresses a common query regarding the timing of purchase invoice entry and Input Tax Credit (ITC) claims. The consensus is that ITC can be claimed upon receipt of goods, regardless of when the purchase invoice is physically received. If the invoice date precedes the goods receipt date, it's advisable to ask the vendor to amend the invoice date or issue a new one to reflect the correct timing for ITC eligibility.
If invoice has date mentioned of February, kindly ask the vendor to issue new invoice for current date with same invoice number / Record the bill same as date mentioned and avail the GST credit now (if not claimed earlier at the time of payment).