Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
