RCM OF FY2021 ,PAID IN NEXT YEAR

[PAWAN BANSAL]

Dear Professional

We have received services in the month of march ,21 on which RCM applies,but forget to shown in 3B of march,21 as liability.

Can we show it in the month of April,21 and take the credit later in the month of payment ?

in which month ,are we supposed to issue Self Invoice??

will the reply will be same if we not booked the liability of RCM of march21 in the month of march,21 itself.??(we booked in the month of April,21)

Thanks & Regards

AI Summary

Debate on Correct Timing for Declaring RCM Liability Under GST for March 2021 Services Recorded in April 2021 A discussion on a forum addresses the issue of accounting for reverse charge mechanism (RCM) under GST for services received in March 2021 but not recorded until April 2021. Participants debate the correct timing for declaring the liability and issuing a self-invoice. Key points include the time of supply being determined by the earliest of payment date, 60 days post-invoice, or entry in the recipient's books. It is suggested that the liability can be shown in April 2021's return, with input tax credit (ITC) claimed in the same period. A self-invoice is necessary if the supplier is unregistered.