TaxTMI 
TaxTMI 
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
RCM OF 2018-19
06 Dec 2020 
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Reverse charge on freight: pay tax with interest; input tax credit limited unless return filing and invoicing conditions met.
Reverse charge on unpaid freight must be paid by the recipient with interest; ITC is generally unavailable when paid late unless specific conditions apply, such as issuance of a valid self invoice for supplies from an unregistered supplier or where the recipient has not yet filed the relevant periodic or annual return. The statutory time limit to claim ITC is the earlier of the due date for filing the specified monthly return in the next financial year or the date of filing the annual return for that financial year. (AI Summary)
Reverse charge on unpaid freight must be paid by the recipient with interest; ITC is generally unavailable when paid late unless specific conditions apply, such as issuance of a valid self invoice for supplies from an unregistered supplier or where the recipient has not yet filed the relevant periodic or annual return. The statutory time limit to claim ITC is the earlier of the due date for filing the specified monthly return in the next financial year or the date of filing the annual return for that financial year. (AI Summary)