Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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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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