ITC on missed RCM from FY 2017-2018

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Individual
21 Points Posted on 28 August 2021

Can ITC be availed on RCM to be paid now (FY 2021-2022) for an expense related to FY 2017-18 ?

Payment will be done via cash ledger (bank transfer) and in accordance with section 73 vide DRC03.

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On 28 August 2021 at 18:09 Report
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Quick Summary
This discussion addresses whether Input Tax Credit (ITC) can be claimed for Reverse Charge Mechanism (RCM) expenses incurred in FY 2017-18, but paid in FY 2021-2022 via the cash ledger. The consensus is that ITC for FY 2017-18 cannot be claimed retrospectively, even if the RCM payment is made now.

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PRACTICE
164 Points Posted on 29 August 2021
No itc for FY 2017-18 can't be claimed
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On 29 August 2021 at 11:40
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CA
1258 Points Posted on 06 September 2021

Input tax credit (ITC) for FY 2017-18 cannot be claimed now

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On 06 September 2021 at 19:14

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