Sir
My Client is regularly purchasing Timber from Govt Timber Depot.
My question is that purchase Timber from depot on auction has time limit of 6 or 3 month to lift the timber round logs
We lift the timber in instalment over a period fixed by Govt Timber Depot
The issue is that Invoice has been issued at entire value on auction date
Wheather I need to take ITC at last instalment of lifting of timber log
or on the date of issue of invoice
As per ITC Rule at the last instalment has been lift you will be eligible for ITC
Once the invoice is issued, the supplier is liable to pay the GST to the Govt irrespective of the payment by the recipient. However, admissibility of credit is regulated by section 16(2)(b) and the availment of credit is deferred till the goods/services have been received by the recipient. Therefore, you are eligible to avail credit of the quantity of goods/services receivedby you at any stage. If any Rule provides that you should take the credit only when the entire quantity has been received, pl honour that Rule.
CAclubindia
