9911796707
TMI BlogRCM OF FY2021 ,PAID IN NEXT YEARX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Professional We have received services in the month of march ,21 on which RCM applies,but forget to shown in 3B of march,21 as liability. Can we show it in the month of April,21 and take the credit later in the month of payment ? in which month ,are we supposed to issue Self Invoice?? will the reply will be same if we not booked the liability of RCM of march21 in the month of march,21 its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elf.??(we booked in the month of April,21) Thanks Regards - Reply By MUKUND THAKKAR - The Reply = In case of reverse charge, the time of supply shall be the earliest of the following dates: The date of payment The date immediately after 60 days from the date of issue of invoice by the supplier If it is not possible to determine the time of supply, the time of supply shall be the date of en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... try in the books of account of the recipient. Date of payment 15th July 2020 Date immediately after 60 days from the date of issue of invoice (Suppose the date of invoice is 15th May 2020, then 60 days from this date will be 14th July 2020) Date of entry in books of receiver 18th July 2020 The Time of supply of service, in this case, will be 14th July 2020 - Reply By PAWAN KUMAR - The Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... = Dear Sir, as per my view, The time of supply in case of reverse charges of services : the date which entry made in the books of account of receiver or date of debit in bank account of receiver , whichever is earlier or the date after sixty days from the date of invoice of service provider. in case if both not applicable, then the time of supply will be date of entry in books of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount of receiver. in your case services received during March 21, hence entry in your books during March 21, you need to pay tax assuming liability of March 21 along with interest and during the tax period in which you will pay the GST, it will claim in that same month. - Reply By Ganeshan Kalyani - The Reply = Yes you can show as liability and take ITC in Apr-21 GSTR 3B . Self invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can be raised in May 21 before filing date of 3B return as only based on self-invoice ITC is allowed. - Reply By KASTURI SETHI - The Reply = Another aspect which has to be taken care of is that service receiver under RCM is deemed service provider (supplier). - Reply By Ganeshan Kalyani - The Reply = My apology, instead of Apr21 I mentioned as May21. Pls. read as 'Apr21'. - Reply By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shilpi Jain - The Reply = Pls note that self-invoice will be required only if your supplier is unregistered. There is no time limit mentioned for its issue. So you can issue it in the month in which you are mentioning its details in the return. The time of booking that liability in the books has no relevance to when it should be disclosed in the return. The Time of supply mentioned by the expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rts is relevant. - RCM OF FY2021 ,PAID IN NEXT YEAR - Query Started By: - PAWAN BANSAL Dated:- 24-5-2021 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
