TaxTMI 
TaxTMI 
Can we take input for FY 2020-21
for Non payment of RCM for URD Expenses paid through DRC-03 before annual return. for the FY 2019-20/
DRC-03 ADJUSTMENT
22 Jul 2020 
4 Replies 
2315 Views Asked by
Input tax credit time limit: self invoices for reverse charge purchases must be claimed by the annual return deadline.
Time limit for claiming input tax credit is governed by section 16(4): credit in respect of any invoice or debit note, including self invoices for reverse charge purchases from unregistered suppliers, cannot be taken after the due date of furnishing the return for September following the end of the relevant financial year or after furnishing the relevant annual return, whichever is earlier. Time of supply rules govern interest from the time of supply until payment. (AI Summary)
Time limit for claiming input tax credit is governed by section 16(4): credit in respect of any invoice or debit note, including self invoices for reverse charge purchases from unregistered suppliers, cannot be taken after the due date of furnishing the return for September following the end of the relevant financial year or after furnishing the relevant annual return, whichever is earlier. Time of supply rules govern interest from the time of supply until payment. (AI Summary)