Belated payment of RCM

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....elated payment of RCM<br> Query (Issue) Started By: - Muthukumar Muthunarasimhan Dated:- 11-10-2020 Last Reply Date:- 6-11-2020 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>Dear Experts, Shall take ITC for belated payment of RCM on ocean freight pertains 2018-19?Now paid in 10th. October 2020? Is it hit by time limit u/s 16 (4) of GST Act? Please comment. Reply By Rajendra Prasad: The....

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.... Reply: Dear Mr Muthukumar I have a doubt on payment of RCM on ocean freight. How it is applicable. There are differential views on taking ITC on RCM. Pro View : Raise the self invoice now and take the credit. Legally experts are telling that self invoices can be raised now with current date and you can take ITC on RCM in this year. Only violation is late raising of self invoice for which the ....

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....penal consequence are very less. Please consider risk involved in it while taking ITC. If the amount is small you can leave. It is a large amount , you can follow this method. Against View : ITC can not be claimed . ITC can be claimed till 22.10.2019 . Reply By Rajagopalan Ranganathan: The Reply: Sir, If you have paid the tax under RCM after due date then you have to pay interest. If you pay i....

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....t in October 2020 along with applicable interest then you can raise a self invoice on the date of payment and avail the ITC. Only the service provider has to issue invoice within 30 days from date of provision of service. In my view no time limit is prescribed for issuing self invoice. But it is safe to issue the self invoice within 30 days from the date of payment. Reply By Ganeshan Kalyani: The....

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.... Reply: I agree with the views of Sri Rajendra Prasad Sir. There are two different views as opined by Sir. Reply By Bhavika Chothani: The Reply: If you are sending goods for Job Work then challan is generated. IRN is not required for Challan<br> Discussion Forum - Knowledge Sharing ....