- Circular No. 211/5/2024-GST clarifies time limit for utilizing input tax credit under reverse charge mechanism
- Tax invoices or debit notes from registered suppliers are required for input tax purposes
- Registered recipients must issue invoice and pay tax in cash under RCM for supplies from unregistered suppliers
- ITC can be utilized until Nov. 30 following end of financial year or until relevant annual return is furnished
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
