purchase transaction

[krishan sharma]

dear sir

 I have confuse with a transaction  of purchase in this transaction

purchase order passed on 30/3/2010

invoice date laso 30/3/2010 ( input credite availed on such date)

but delivery at godown 1/4/2011

my quiry in the above transaction that the such transaction fall out in financial year 2010 to 2011 or not please provide the need full solution

 

[NEERAJ KUMAR, RANCHI]

In my view the day on which goods were received in your premises, that is the actual date on which you should take credit.

AI Summary

Date of receipt of goods determines input tax credit recognition and financial year for purchase transactions. The operative event for claiming input credit and determining the financial year is the date of receipt of goods at the purchaser's premises; the invoice date alone is not determinative.