Opportunity to respond to jurisdictional reports is mandatory before customs settlement duty enhancement; connected applications require consistent ad...
Specific customs headings for scaffolding components prevail over general classification, invalidating misclassification proceedings and enabling with...
Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
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The circular clarifies the time limit u/s 16(4) of the KGST Act, 2017, for availing input tax credit (ITC) by the recipient on tax paid under reverse charge mechanism (RCM) for supplies received from unregistered persons. It states that where the recipient is liable to pay tax on RCM supplies from unregistered suppliers and issue an invoice u/s 31(3)(f), the relevant financial year for calculating the time limit u/s 16(4) for ITC availment will be the financial year in which the invoice is issued by the recipient. The recipient must pay tax on such supplies, along with interest for delayed payment, and comply with other conditions u/ss 16 and 17 to avail ITC. Delayed issuance of invoices may also attract penal action u/s 122.
The circular clarifies the time limit u/s 16(4) of the KGST Act, 2017, for availing input tax credit (ITC) by the recipient on tax paid under reverse charge mechanism (RCM) for supplies received from unregistered persons. It states that where the recipient is liable to pay tax on RCM supplies from unregistered suppliers and issue an invoice u/s 31(3)(f), the relevant financial year for calculating the time limit u/s 16(4) for ITC availment will be the financial year in which the invoice is issued by the recipient. The recipient must pay tax on such supplies, along with interest for delayed payment, and comply with other conditions u/ss 16 and 17 to avail ITC. Delayed issuance of invoices may also attract penal action u/s 122.
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