muralidhar (Excecutive Accounts) (62 Points)
08 June 2011Dear Sir,
We have sold some goods in the month of Aug'10 & paid VAT in the month of Sep'10. But we have received purchase invoice(Invoice date Aug'10) from vendor on June'11. Can we claim the VAT Input? Transacton belongs to Karnataka VAT.
Regards,
Muralidhar.H.S
subramanya
(Professional)
(907 Points)
Replied 08 June 2011
Hi,
I think if the invoice date shows June 11 transaction, you can claim Input Tax credit.
With regards,
Subramanya R
CA Vibhash Kumar Sah
(Associate Manager)
(710 Points)
Replied 08 June 2011
If we check the other side, only after raising the Invoice, any Vendor discharge the output tax liability. I feel It would be erroneous, if any one take the Input Credit without a valid invoice for the Purchase . However this may create problem to the your Vendor. As you have a valid documents for taking VAT Input Credit, Credit cannot be denied. The Principle is that once it is eligible for Input Credit by the Provisions of the ACT/RULES, there is no need of one to one correlation of input credit with the output tax liability.
mukul
(accountant)
(21 Points)
Replied 08 June 2011
dear sir,
i want form xxiv with annxure a & b with part I & II in new format
Thanking you,
MUKUL
CAclubindia
