Input tax credit on payment under section 73 (5)

[VINIT SANCHETI]

Kindly advice on the following issue:

Can a taxable person take input credit of tax on amounts paid on the basis of his own ascertainment under Section 73(5) of the CGST Act ?

If so, what is the last date for taking such credit ? (kindly refer to Section 16(4) of the CGST Act ?

Is any penalty leviable under section 73(11) of CGST Act or Section 125 of the CGST Act ?

The tax has to be paid vide Adjusting the amounts in current month GSTR-3B or DRC-03 ?

If Tax is paid vide DR-03, then the input tax credit be taken by declaring in the GSTR-3B in the subsequent month ?

Note: This amount relates to tax on reverse charge not paid earlier by oversight.

AI Summary

Can Taxable Persons Claim Input Tax Credit Under Section 73(5) of CGST Act? Timing and Penalty Insights Explored. A discussion on a forum addresses whether a taxable person can claim input tax credit on amounts paid under Section 73(5) of the CGST Act, focusing on the timing and penalties involved. It is clarified that input tax credit can be taken if conditions under Section 16(4) are met, with a deadline for claiming missed invoices by April 20, 2019. No penalty is levied if taxes are self-assessed and paid before the jurisdictional officer issues DRC-07, with a 30-day period allowed for payment after notice. A cautionary tale highlights the importance of adhering to the 30-day rule, not a calendar month.