Sir,
Our client have paid RCM for supply received from unregistered transporters.
However they have not claimed same as ITC. But they have debited to profit and loss account as gst paid expenses.
Please suggest me a solution for the above query.
Thank you.
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RCM not availed as ITC
Replies (3)
If have time periods then avail ITC
In my view the ITC would be restricted based on time period.
For perspective, a situation where ITC can be said to be eligible:
Liability & ITC arises based on self-invoice (unregistered vendor only). If invoice is raised in delayed manner, considering time of supply the impact would only be interest. Where liability and credit is booked based on when self-invoice is raised, it could be considered in GST returns for such month although interest cost would remain.
Which month's case is this ?
If the same pertains to FY 2019-20, then you have no option to claim that ITC now.
But if it relates to FY 2020-21, then you can claim it upto September 2021.
If the same pertains to FY 2019-20, then you have no option to claim that ITC now.
But if it relates to FY 2020-21, then you can claim it upto September 2021.
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