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of <h1>Goa Clarifies Time Limit for Input Tax Credit on RCM Supplies from Unregistered Persons u/s 16(4) CGST Act.</h1> The Government of Goa has issued a circular clarifying the time limit under Section 16(4) of the CGST Act, 2017, concerning reverse charge mechanism (RCM) supplies received from unregistered persons. The circular aligns with a prior directive from the GST Policy Wing of the Central Board of Indirect Taxes and Customs. It specifies that for RCM supplies where the recipient issues the invoice, the relevant financial year for input tax credit (ITC) availment is the year the invoice is issued. Recipients must pay tax and interest on delayed payments and may face penalties for late invoice issuance.
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