Belated payment of RCM

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Dear Experts, Shall take ITC for belated payment of RCM on ocean freight pertains 2018-19?Now paid in 10th. October 2020? Is it hit by time limit u/s 16 (4) of GST Act ? Please comment. - Reply By Rajendra Prasad - The Reply = Dear Mr Muthukumar I have a doubt on payment of RCM on ocean freight. How it is applicable. There are differential views on taking ITC on RCM. Pro View : Raise t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he self invoice now and take the credit. Legally experts are telling that self invoices can be raised now with current date and you can take ITC on RCM in this year. Only violation is late raising of self invoice for which the penal consequence are very less. Please consider risk involved in it while taking ITC. If the amount is small you can leave. It is a large amount , you can follow this metho .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d. Against View : ITC can not be claimed . ITC can be claimed till 22.10.2019 . - Reply By Rajagopalan Ranganathan - The Reply = Sir, If you have paid the tax under RCM after due date then you have to pay interest. If you pay it in October 2020 along with applicable interest then you can raise a self invoice on the date of payment and avail the ITC. Only the service provider has to issue invoi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ce within 30 days from date of provision of service. In my view no time limit is prescribed for issuing self invoice. But it is safe to issue the self invoice within 30 days from the date of payment. - Reply By Ganeshan Kalyani - The Reply = I agree with the views of Sri Rajendra Prasad Sir. There are two different views as opined by Sir. - Reply By Bhavika Chothani - The Reply = If you are s .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ending goods for Job Work then challan is generated. IRN is not required for Challan - Belated payment of RCM - Query Started By: - Muthukumar Muthunarasimhan Dated:- 11-10-2020 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X