https://www.taxtmi.com/circulars?id=67606 Where a registered recipient must pay tax under reverse charge for supplies from an unregistered supplier, the recipient must issue the invoice and pay tax in cash; input tax credit is claimable only on the basis of that invoice and the relevant financial year for the timing limit to claim ITC is the financial year in which the recipient issues the invoice. Delayed issuance after time of supply attracts interest on late tax payment and potential penal consequences, and ITC remains subject to the general conditions and restrictions under the law. en-us Sat, 29 Jun 2024 00:00:00 +0530 Tue, 02 Jul 2024 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=67606 Where a registered recipient must pay tax under reverse charge for supplies from an unregistered supplier, the recipient must issue the invoice and pay tax in cash; input tax credit is claimable only on the basis of that invoice and the relevant financial year for the timing limit to claim ITC is the financial year in which the recipient issues the invoice. Delayed issuance after time of supply attracts interest on late tax payment and potential penal consequences, and ITC remains subject to the general conditions and restrictions under the law. Circulars GST - States Sat, 29 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67606