Quick Summary
On October 8, 2024, the Central Board of Indirect Taxes and Customs (CBIC), through Notification No. 20/2024 Central Tax, introduced Rule 47A into the Central Goods and Services Tax (CGST) Rules, 2017. This amendment, effective from November 1, 2024, mandates a strict timeline for issuing tax invoi
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FAQ :
The CBIC has introduced Rule 47A to the CGST Rules, 2017, which sets a 30-day time limit for issuing tax invoices under the Reverse Charge Mechanism (RCM).
This new rule is effective from November 1, 2024.
It applies to recipients who are liable to pay tax under the Reverse Charge Mechanism (RCM) for supplies received from unregistered persons.
Recipients must issue the tax invoice within 30 days from the date of receipt of the goods or services.
Failure to adhere to the 30-day window could result in interest and penalties.
The rule aims to ensure timely compliance, streamline tax administration, reduce invoicing delays, improve efficiency, bolster accountability, and encourage prompt tax collections.
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