[amp_mcq option1=”on receipt of goods” option2=”on receipt of documents” option3=”Both” option4=”None of the above” correct=”option1″]
The correct answer is: A. on receipt of goods.
A registered person can avail credit on inputs only on receipt of goods. This is because the credit is allowed on the basis of the invoice issued by the supplier of goods. The invoice must be in the prescribed form and must be accompanied by the goods. The registered person must also maintain a proper record of the invoices and the goods received.
Option B is incorrect because a registered person cannot avail credit on inputs on receipt of documents. This is because the credit is allowed on the basis of the invoice issued by the supplier of goods. The invoice must be in the prescribed form and must be accompanied by the goods. The registered person must also maintain a proper record of the invoices and the goods received.
Option C is incorrect because a registered person cannot avail credit on inputs on both receipt of goods and documents. This is because the credit is allowed on the basis of the invoice issued by the supplier of goods. The invoice must be in the prescribed form and must be accompanied by the goods. The registered person must also maintain a proper record of the invoices and the goods received.
Option D is incorrect because a registered person can avail credit on inputs on receipt of goods.