DRC-03 ADJUSTMENT

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....RC-03 ADJUSTMENT<br> Query (Issue) Started By: - shivashankar m r Dated:- 22-7-2020 Last Reply Date:- 22-7-2020 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>Can we take input for FY 2020-21 for Non payment of RCM for URD Expenses paid through DRC-03 before annual return. for the FY 2019-20/ Reply By Spudarjunan S: The Reply: Dear Sir, The time limit for availment of credit under sec....

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....tion 16(4) of CGST Act relies on the date of invoice or debit note. In case of RCM supplies covered u/s 9(3) received from unregistered suppliers, the eligible document to avail the credit would be Self Invoice which is under the control of the recipient. Hence the eligibility of the availment need to verified by the date of your self invoice. As on date there is no provision in law to prescribe ....

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....the time limit to issuance of invoice. However, the same is being proposed in section 123 of Finance Act, 2020 which is yet to be notified under official gazette for its enforcement. Section 13 of CGST Act triggers the Time of Supply, hence interest has to be discharged from the ToS till the date of payment of such liability. Reply By KASTURI SETHI: The Reply: Section 16 (4) of CGST Act&emsp;A ....

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....registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or [* * *] debit note pertains or furnishing of the relevant annual return, whichever is earlier : Sectio....

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....n 16 (4) talks of &quot;any invoice&quot;. So it includes self-invoice also. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: I endorse the views of Shri Sethi. Reply By Ganeshan Kalyani: The Reply: Sir, can you please elaborate a bit more as regard the purchases from URD. In my view, RCM on purchases from URD is not applicable from 13.10.2017.<br> Discussion Forum - Knowledge Sharing ....