Input tax credit on payment under section 73 (5)

[Asked by Guest]

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

Input tax credit on self assessed reverse charge payments allowed subject to time barred return deadlines and compliance.
Claiming input tax credit for tax paid on self-ascertainment under Section 73(5) for reverse charge supplies depends on time of supply under Section 13(3), timely payment and entry in books, and compliance with Section 16(4) return deadlines; invoices for FY 2017-18 were claimable only within the specific return window cited. Voluntary payment under Section 73(5) can avert penalty where Sections 73(6) and 73(8) conditions are satisfied; statutory notice issuance invokes short response windows that affect penalty exposure. Procedurally, credit is taken by declaring in the relevant return after payment, whether tax is paid by adjustment in the return or via payment challan.