Can we taken input credit of vat in current sales return last three month...... ?

[Guest]

Dear Sir,

My question is Can we taken input vat credit for the last three month(June-16) in current month sales tax return (Sep-2016). Sales Tax is Uttar pardesh.

Kindly advise me as per vat law.

Regards

AMIT GUPTA

9540791977

[Guest]

But how, Can you brief explain as per vat rule,act & law............

[DR.MARIAPPAN GOVINDARAJAN]

Sir,

Please note this forum is meant for the discussion of legal issue in respect of taxation matters and it is not for the forum to give each and every details as required. If you want full details please contact the tax consultants in your area.

[Guest]

Respected Mr. MARIAPPAN GOVINDARAJAN Sir,

I am only asking about (Can we taken input credit of vat in current sales return last three month...... ?)

reply by Ganeshan Kalyani yes. I am agree with you Mr. Ganeshan Kalyani but how...... please suggest me as per rule.

As per tax consultant suggestion.

Sales Tax Return should be revised return.

Regards

AMIT GUPTA

[Ganeshan Kalyani]

Have revisited the act and the rules but there is no time limit is mentioned within which the credit can be availed. It states that credit is eligible to be taken. Pls have a check on this. Also ask the basis of your consultant advise.

[YAGAY andSUN]

UPVAT

Section 13 (8) Amount of admissible input tax credit for a tax period and for an assessment year shall be computed in the prescribed manner and shall be claimed and allowed within such time and in such manner as may be prescribed.

Rule 24 (e) in all other cases in the tax return of the tax period in which goods have been purchased.

[Ganeshan Kalyani]

Sec 21(16) In case of goods returned or rejected by the purchaser, a credit note shall be issued by the selling dealer to the purchasing dealer and debit note shall be issued by the purchasing dealer to the selling dealer containing such requisite particulars as may be prescribed:

Provided that where any goods sold in any assessment year are returned or rejected in the succeeding assessment year within six months from the date of sale, the amount of sale price of goods returned or rejected and amount of tax relating to such goods which have been shown to have been realized by selling dealer from purchasing dealer and shown in the debit note or credit note, as the case may be, shall be adjusted with the turnover of sales or the turnover of purchases, as the case may be, in the assessment year in which goods are returned or rejected.

As per above provision, the credit is to be taken in the period in which such return has happened.

AI Summary

Input VAT credit may be claimed in the tax period of purchase or on goods' return, subject to prescribed procedural limits. Admissible input tax credit must be computed and claimed in the manner and within the time prescribed; generally credit is to be claimed in the tax period in which goods are purchased, and where goods are returned the adjustment is to be made in the period in which the return occurs, with claim subject to prescribed procedural limits and revision of returns as permitted.