Hi,
We hade a transaction with facebook irland in 2017-18 through corporate credit card, Since card bill was in INR so we booked the expenses and make payment against the card.
Now we realized that this was import of service and attract the RCM payable, can you please suggest whether we are liable to pay RCM with interest.
Also since this was related to F.Y. 2017-18 can we claim RCM input now after paying RCM
Debate on GST Liability for Facebook Ireland Transaction: Reverse Charge Mechanism and Input Tax Credit Challenges Explored A corporate credit card transaction with Facebook Ireland in 2017-18 raised questions about the applicability of the Goods and Services Tax (GST) under the Reverse Charge Mechanism (RCM). The original poster realized the transaction might be considered an import of services, requiring RCM payment. Respondents debated whether the company was liable to pay GST with interest and whether Input Tax Credit (ITC) could be claimed. Opinions varied, with some suggesting the payment of GST and interest, while others warned against claiming ITC due to time limitations. The original poster decided to pay with interest without claiming ITC. (AI Summary)
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