can ITC on payment of RCM for the period 2017-18 be availe avail in jan 2019

[FARIDUDDIN AHMAD]

respected sir my issue is auditors doing the audit u/s 65 of of CGST Act fixed the rcm liability on procurement of some goods and services during the period july 2017 to 12 oct 2017. payment of RCM tax along with interest and penalty of that period is done by the tax payer in jan 2023. can taxpayer avail ITC of the tax amount paid as RCM by making payment through DRC-03

AI Summary

Taxpayer's ITC Claim on RCM Payments from 2017 Now Risky and Time-Barred Under Section 65 CGST Act A taxpayer inquired about the possibility of claiming Input Tax Credit (ITC) on Reverse Charge Mechanism (RCM) payments made for the period July 2017 to October 2017, which were settled in January 2023. An auditor had identified RCM liabilities during an audit under Section 65 of the CGST Act. One respondent suggested that the taxpayer should have addressed the liability without interest and penalty through regular Form GSTR-3B, and raised a self-invoice to claim ITC. However, they noted that claiming ITC now, after payment through Form DRC-03, is risky and potentially time-barred. Another respondent emphasized that the case is time-barred.