Section140(5) transitional credit , it's showing books entry of bill is within 30 days ,but what about goods received in installments it means it's ineligible to claim ??
Practical problem is that we have received the said goods which billed(June 17) in VAT on 30th Aug 17,then how to enter it with in 30 days means within 31 7 17
Now what we can do ??
Transition credit for 140(5)
Replies (1)
Section 140(5) requires the invoice to be recorded in your books within 30 days (extendable to 60 days) of the appointed day. Receiving goods in installments after this window poses a high risk of credit denial, as the provision is time-bound. You should verify your accounting records for the invoice entry date and consult a tax expert to determine if judicial precedents in your jurisdiction offer any relief for delayed receipt of installments.
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