ITC on advance

ITC / Input 301 views 2 replies

28 Points Joined July 2017

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

Replies (2)

Chartered Accountant

763 Points Joined 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.

1464 Points Joined June 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.

Your are not logged in . Please login to post replies

Click here to Login / Register