VAT Claim terms issue
Dear All,
As per the Rule 24 of the Uttar Pradesh VAT Act, input tax credit (ITC) against capital goods is available in 3 installments and the first installment of the ITC can be availed in the first month of the assessment year succeeding the assessment year in which such capital goods were purchased. For example, if capital goods is purchased in Oct 2013, first installment of ITC can be claimed only in Apr-2014.
I am trying to create a VAT claim term for such cases with setting First Installment Start Period to 'Next Financial Year' on 'First Date'. However, Oracle documentation says that with this option, first installment can be availed only in the first month occurring after 12 months from the receipt date. I have tested this and system is behaving as documented. However, this is not meeting the statutory requirement.
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