Gst Payment under RCM
Whether there is any time limit for the payment of bill under RCM?Also where payment is made after 60days what is the consequences for the same?
Replies (6)
Quick Summary
As the time of supply of RCM is based on self invoice. So there is no timelimit to make the payment under RCM
If an unregistered person provides service subject to RCM to a registered person, then self invoice can be the time of supply. So time limit is not a concern here I think.
But if a registered person provides similar service to another registered person, then the time of supply would be date of payment or 61st day from issue of invoice, whichever earlier.
Thus in case of B2B supplies under RCM, if tax is not paid by the recipient within 60 days of invoice, then interest would be applicable.
Dear Poornima,
In the case of B2B the under RCM which invoice need to consider?
self invoice or invoice given from vendor with out GST
In the case of B2B the under RCM which invoice need to consider?
self invoice or invoice given from vendor with out GST
Invoice from the supplier without gst because the same would have been uploaded by such supplier as part of gstr1
If it is without gst then where the invoice should have to disclose in Form GSTR-1?
Under table 4b (outward supplies under reverse charge)
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