Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News
Highlights
D. Forum
What's New
Sub-Menu

Share:      

        Home        
 
Discussions Forum
Home Forum Goods and Services Tax - GST This
A Public Forum.
Anyone can participate to share knowledge.
We acknowledge the contributions of Experts/ Authors.

Submit new Issue / Query

← Previous Next →

DRC-03 ADJUSTMENT, Goods and Services Tax - GST

Issue Id: - 116558
Dated: 22-7-2020
By:- shivashankar m r
DRC-03 ADJUSTMENT

  • Contents

Can we take input for FY 2020-21

for Non payment of RCM for URD Expenses paid through DRC-03 before annual return. for the FY 2019-20/

Post Reply

Posts / Replies

Showing Replies 1 to 4 of 4 Records

1 Dated: 22-7-2020
By:- Spudarjunan S

Dear Sir,

The time limit for availment of credit under section 16(4) of CGST Act relies on the date of invoice or debit note. In case of RCM supplies covered u/s 9(3) received from unregistered suppliers, the eligible document to avail the credit would be Self Invoice which is under the control of the recipient. Hence the eligibility of the availment need to verified by the date of your self invoice.

As on date there is no provision in law to prescribe the time limit to issuance of invoice. However, the same is being proposed in section 123 of Finance Act, 2020 which is yet to be notified under official gazette for its enforcement.

Section 13 of CGST Act triggers the Time of Supply, hence interest has to be discharged from the ToS till the date of payment of such liability.


2 Dated: 22-7-2020
By:- KASTURI SETHI

Section 16 (4) of CGST Act A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or [* * *] debit note pertains or furnishing of the relevant annual return, whichever is earlier :

Section 16 (4) talks of "any invoice". So it includes self-invoice also.


3 Dated: 22-7-2020
By:- DR.MARIAPPAN GOVINDARAJAN

I endorse the views of Shri Sethi.


4 Dated: 22-7-2020
By:- Ganeshan Kalyani

Sir, can you please elaborate a bit more as regard the purchases from URD. In my view, RCM on purchases from URD is not applicable from 13.10.2017.


1

Post Reply

← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||