BOOKING OF INVOICES RECEIVED

This query is : Resolved

P.S.VISHWANATHAN

P.S.VISHWANATHAN (Querist)
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16 October 2008 WE ARE A DEALER IN DELHI AND ARE FILING MONTHLY VAT RETURNS. IS IT ESSENTIAL THAT WE SHOULD BOOK THE PURCHASE INVOICES(INVOLVING IN PUT VAT) IN THE SAME MONTH?
FOR INSTANCE,IF A MATERIAL IS RECEIVED ON THE LAST DAY OF THE MONTH AND THE STORES RECEIVE THE GOODS ON THE NEXT DAY WHICH IS A DIFFERENT TAX PERIOD. ARE WE ALLOWED TO TAKE THE IN PUT VAT CREDIT OF SUCH TRANSACTION IN THE NEXT TAX PERIOD EVEN THOUGH THE PURCHASE INVOICE IS DATED DURING THE EARLIER TAX PERIOD? PLEASE ADVISE

Taxguy

Taxguy (Expert)
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16 October 2008 Date of Invoice matters, you receipt of the goods may be subsequent, the moment you receive the bill, you can claim input tax credit provide the goods also are received next day.