Is GST Credit available on Advance Payment
Advance payment received in June 2017 and Invoice and goods delivered in July 2017, does GST input credit available?
Reply by GST@GoI
Kindly refer to Section 140(5) of the act.
Transitional arrangements for input tax credit is defined in section 140(1) of CGST Act.
Relevant extract is as follows.
A registered person shall be entitled to take, in his electronic credit ledger, credit of eligible duties and taxes in respect of inputs or input services received on or after the appointed day but the duty or tax in respect of which has been paid by the supplier under the existing law, subject to the condition that the invoice or any other duty or tax paying document of the same was recorded in the books of accounts of such person within a period of thirty days from the appointed day:
Provided that the period of thirty days may, on sufficient cause being shown, be extended by the Commissioner for a further period not exceeding thirty days:
Provided further that said registered person shall furnish a statement, in such manner as may be prescribed, in respect of credit that has been taken under this sub-section.
does gst input credit available in goods and invoice