ITC on advance

Rahul Goyal (28 Points)

01 August 2017

if we are releasing any advance payment to vendor then can we book the input tax credit on Receipt Voucher

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2 Replies

Shashikant Varshney (Chartered Accountant) (763 Points)
Replied 01 August 2017

No you can not take the credit. Because as per ITC rules, Advance receipt voucher is not mention there for taking of credit.

Chhatra Singh Dugar (1464 Points)
Replied 02 August 2017

You can not claim ITC in the return of next month of paying advance to vendor. It is at the time of raising Invoice when GST paid is adjusted.

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