• GST RCM query

Hi, In RCM invoice what will be the invoice date ?

Time of Supply 
or 
Issue date by vendor

Should we mention both.?

In my case these 2 dates are in different month.

I am planning to put "Time of supply" ( payment date ) in "Invoice date" field.

and at footer section I will put "Generated on = issue date by vendor".


Thank you
Asked 5 months ago in Income Tax

Dear Sir,

 

In reference to your query, RCM is payable under 2 procedures.

 

1. Where the vendor is registered but supply is under RCM. - In that case your liability would arise on the date of vendor invoice date.

 

2. Where the vendor is unregistered and supply is under RCM - In this scenario, the govt. has allowed clubbing of all the invoices of that vendor in a period into one single self-invoice which you need to raised on yourself.

In this case, your liability would arise on the date of self-invoice.

 

Hope I have been able to address your query.

 

Please advise in case of any further clarification.

 

Thanks & Regards,

CA Aditya Dhanuka.

https://www.linkedin.com/in/aditya-dhanuka-69824451/

Aditya Dhanuka
CA, Kolkata
52 Answers
2 Consultations

5.0 on 5.0

Dear Sir,

In your case you should issue an invoice on the date of receipt of service, i.e. in your case invoice.

Hence, you have heard correctly and you should ideally have the vendor invoice date as RCM invoice date.

 

Hope I have been able to address your query.

 

Please advise in case of any further clarification.

 

Thanks & Regards,

CA Aditya Dhanuka.

https://www.linkedin.com/in/aditya-dhanuka-69824451/

Aditya Dhanuka
CA, Kolkata
52 Answers
2 Consultations

5.0 on 5.0

- You can not alter invoice issued by the vendor. Invoice issued by the vendor is an important document to determine time of supply. Why you are self generating invoice when vendor is already issuing it? Time of supply is the time of tax payment which is payment date in your case. The liability to pay IGST on import of services is on the date of payment of the invoice. Show the complete transactions in GSTR 3B of such period.

Vivek Kumar Arora
CA, Delhi
4408 Answers
527 Consultations

5.0 on 5.0

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
  Ask a CA