Belated payment of RCM

[Muthukumar Muthunarasimhan]

Dear Experts,

Shall take ITC for belated payment of RCM on ocean freight pertains 2018-19?Now paid in 10th. October 2020? Is it hit by time limit u/s 16 (4) of GST Act? Please comment.

AI Summary

Can ITC be claimed for late RCM payment on 2018-19 ocean freight under Section 16(4) GST Act? An individual inquired about claiming Input Tax Credit (ITC) for a belated Reverse Charge Mechanism (RCM) payment on ocean freight for the fiscal year 2018-19, paid in October 2020, and whether it is affected by the time limit under Section 16(4) of the GST Act. Responses varied: one suggested raising a self-invoice now and taking credit, noting minimal penalties for late invoicing; another advised paying interest for late RCM payment and issuing a self-invoice upon payment to claim ITC. Opinions differed on whether ITC could be claimed after the deadline.