CMA Sravan Kumar (Accounts Manager) (647 Points)
03 February 2022Hi..!!
If Mr.X sold goods to Mr.Y (Receiver) on 30th Jan,2022 with Invoice but Mr.Y received it on 4th Feb,2022. When the ITC is to be availed by Mr.Y either in the month of Jan or Feb..?? Pls give an explanation. Thank you
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13706 Points)
Replied 03 February 2022
In this case billing was in the month of jan but goods were received in the month of feb only so as per conditions of section 16, ITC can be availed only on receipt basis that is when goods were actually received.
Nidhi
(Chief Accountant)
(3150 Points)
Replied 04 February 2022
CAclubindia
