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TMI Blogcan ITC on payment of RCM for the period 2017-18 be availe avail in jan 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... can ITC on payment of RCM for the period 2017-18 be availe avail in jan 2019 X X X X Extracts X X X X X X X X Extracts X X X X ..... oct 2017. payment of RCM tax along with interest and penalty of that period is done by the tax payer in jan 2023. can taxpayer avail ITC of the tax amount paid as RCM by making payment through DRC-03 Reply By Amit Agrawal: The Reply: Ideally, if one is willing to take risks & face rigors of litigation etc. but interested to availing ITC in such a situation, same should never have been paid subj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect liability under RCM through Form DRC-03 with interest & penalty. Given situation is not covered u/s 74 as ITC was available against subject tax liability under RCM & period involved was very initial stage of GST implementation in India. Hence, no penalty u/s 74 should have been paid. One can also argue that due date of paying taxes under GST for period from July, 17 to Mar, 19 is still not l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apsed and hence, interest u/s 50 (1) is also not payable. Lastly, importantly, one should have paid subject liability under RCM - without any interest & penalty - through regular Form GSTR-3B by raising self-invoice u/s 31 now and then, take ITC against such invoice so generated now. As said before, these line of action are for those who are willing to take risks & face rigors of litigation etc. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but interested to availing ITC in such a situation Obviously, one can never be certain about how legal jurisprudence will evolve in various issues connected with above arguments (including about time restrictions u/s 39 (9)) and only time will tell. But now, taking ITC in given situation (where taxes are already paid under RCM with interest & penalty through Form DRC-03, based on audit objectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n from Dept) looks more difficult & risky.
These are ex facie views of mine and the same should not be construed as professional advice / suggestion.
Reply By KASTURI SETHI:
The Reply:
This issue has been discussed so many times in this forum. It is a time-barred case. X X X X Extracts X X X X X X X X Extracts X X X X
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