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of <h1>Clarification on ITC Time Limit for RCM Supplies: Financial Year Tied to Invoice Date, Not Supply Receipt.</h1> The circular clarifies the time limit for availing input tax credit (ITC) under Section 16(4) of the CGST Act, 2017, concerning reverse charge mechanism (RCM) supplies from unregistered persons. It states that for such supplies, the financial year relevant for ITC availment is the year when the recipient issues the invoice, not when the supply was received. The recipient must issue an invoice, pay the tax, and can claim ITC until November 30 of the financial year following the invoice issuance. Delayed invoice issuance may incur interest and penalties. The circular aims to ensure consistent application across field formations.
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