RCM OF 2018-19

[KERAGODEGOPALARAO ANANTHARAO]

RCM ON FRIEGHT NOT PAID FOR THE YEAR 2018-19, AT THE TIME OF GST AUDIT PARTY IS READY TO PAY THE RCM. HOW TO PAY, TO TAKE CREDIT IN CURRENT YEAR

AI Summary

Discussing RCM on Freight for FY 2018-19: Pay with Interest, ITC Challenges, and Self-Invoicing Options. A query was raised regarding the payment of Reverse Charge Mechanism (RCM) on freight not paid for the financial year 2018-19 during a GST audit. Respondents advised paying the RCM with interest, but noted that Input Tax Credit (ITC) would not be available, making it a cost. One respondent mentioned the possibility of availing credit if a self-invoice is issued by an unregistered supplier, treating it as an invoice for FY 20-21. Another highlighted that RCM on freight was not applicable until September 2019, and ITC could be claimed if the September 2020 return or the 2019-20 annual return has not been filed.