Input tax credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2012 can take input tax credit another tax period
suppose that tax period is quarterly and sale made in 1st quarter and goods return in 2 quarter thru debit note can claim for tax credit ?

RENGARAJ R.K

RENGARAJ R.K (Expert)
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20 July 2012 You can take input tax credit in the next quarter. Is the second part of your question is continuation of the first question?

Any how, regarding sales return, the date of original sale bill and sales return date (time allowed in your state) is the thumb rule to claim the vat credit. So, this quarter sales return can be claimed in the next quarter if the goods are returned within the time period.