Set off on Purchases

This query is : Resolved

CA Ratan kandare (Querist)
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06 November 2009 I have Purchases the Goods from Registere Dealer from Maharashtra & which are elegible for Set off.
My Query is Invoice Date is March,09 dated 31/03/09, but I have received the same in the Month of April,09. can I take the Credit of Set off in the Month of April,09.
If yes, then provide me the Under which Section or Rule, I can take the Set off on Purchases on Above Purchases, or is there any Circular for this?

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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06 November 2009 when you have booked the purchase in your accounts. if you have booked the purchase in March then you should revise your return, if the purchase is booked in april then take input credit for april.

CA Ratan kandare

CA Ratan kandare (Querist)
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06 November 2009 Thanks for your reply.
Provide me the Relevant Section or Rule under Maharashtra Value Added Tax, 2002.

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Ram Avtar Singh

Ram Avtar Singh (Expert)
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07 November 2009 as per excise rule when material recd it should be entered in Book of account. you cant take excise and vat in april-2009.if bill was an other state form C to be issue in march.and bill entered in books when its recd.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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29 November 2009 I think if you did not book this purchase in your book then you can revise your eailer return or take input credit in april

Vishnu Saboo

Vishnu Saboo (Expert)
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30 December 2009 i beleive there is no time restriction for taking credit in VAT act as well as excise act, whever you have booked the purchase, u can avail the credit.