Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant update under the Central Goods and Services Tax (Second Amendment) Rules, 2024, which restricts the issuance of consolidated invoices for supplies covered under the Reverse Charge Mechanism (RCM). According to the no
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FAQ :
The CBIC has prohibited the issuance of consolidated invoices for supplies covered under the Reverse Charge Mechanism (RCM).
This new requirement comes into effect from November 1, 2024.
Registered taxpayers must now issue individual invoices for each supply covered under RCM.
The change aims to enhance transparency in the taxation process, improve traceability, and reduce instances of tax evasion under the RCM.
Businesses should update their invoicing systems to issue separate invoices for each RCM supply and review their current practices.
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