ITC On Advance payments

ANIL GOEL (EXECUTIVE-TAXATION) (29 Points)

21 June 2017

we have paid advance in 1 July and goods received 10 October can I claim ITC against output liability month of July

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6 Replies

ashishgupta (GM) (55 Points)
Replied 21 June 2017

input can be claimed upon receipt of invoice and goods. so you cannot claim input in July.

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RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 21 June 2017

No, When you have received supply of goods /services at the time of You can take ITC...

Gagan Singla (564 Points)
Replied 21 June 2017

as per section 16 itc can be claimed only if invoice or other receipt of payment is issued on which tax is mentioned properly

Gagan Singla (564 Points)
Replied 21 June 2017

but there is also mentioned that goods services must be received

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 21 June 2017

RCM ll be available is only receipt of Advances

ANIL GOEL (EXECUTIVE-TAXATION) (29 Points)
Replied 24 June 2017

thnku very much

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