Delayed payment of RCM

[Murari Agrawal]

Dear Experts we find that a few payments were made to transporters during the month of Oct'23, Feb'24 & Mar'24, but the RCM was neither paid nor shown in 3B return. Can we pay now and take ITC. How to show in return. Thanks

AI Summary

Delayed RCM Payments: Pay GST at 5% and Claim ITC, Possible Penalties Under Section 122 for Late Supply. A user raised a query regarding delayed Reverse Charge Mechanism (RCM) payments for transactions with transporters in October 2023, February 2024, and March 2024, which were not reflected in the GSTR-3B return. Experts advised that the user can still pay the RCM and claim Input Tax Credit (ITC), subject to conditions. If the transporter is registered and issues invoices without charging GST, the user should pay GST under RCM at 5% and may incur penalties under Section 122 for time of supply breaches. Interest at 18% may apply if payments are delayed beyond specified dates.