Circulars – GST – Highlights – The circular discusses the time limit u/s 16(4) of the CGST Act, 2017 for availing input tax credit (ITC) on reverse charge mechanism (RCM) supplies from unregistered persons. It clarifies that the relevant financial year for ITC availment is the year in which the recipient issues the invoice u/s 31(3)(f) of the CGST Act, subject to tax payment. Delayed issuance of invoice may attract interest and penalties under the CGST Act. The circular aims to ensure uniformity in implementing the law and suggests issuing trade notices for awareness. – TMI Updates – Highlights, quick notes, marquee, annotation, news, alerts Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia.com – TMI – TaxTMI – TMITax
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