Taxationmitra

The Government has officially refused recent claims suggesting the imposition of Goods and Services Tax (GST) on Unified Payments Interface (UPI) transactions exceeding ₹2,000 - April 20, 2025.

Read full article here : https://www.linkedin.com/posts/taxationmitra_updates-taxation-taxationupdates-activity-7319675129842528256-TPoQ

Regards,
Team Taxationmitra
https://linktr.ee/Taxationmitra

𝗠𝗔𝗝𝗢𝗥 𝗚𝗦𝗧 𝗨𝗣𝗗𝗔𝗧𝗘 𝗙𝗥𝗢𝗠 𝟭𝘀𝘁 𝗡𝗢𝗩 𝟮𝟬𝟮𝟰.

Starting from 1st November 2024, 𝗮 𝗻𝗲𝘄 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗿𝘂𝗹𝗲 𝟰𝟳𝗔 is coming into effect 𝗳𝗼𝗿 𝗦𝗲𝗹𝗳 𝗜𝗻𝘃𝗼𝗶𝗰𝗶𝗻𝗴 𝗶𝗻 𝗰𝗮𝘀𝗲𝘀 𝗼𝗳 𝗥𝗲𝘃𝗲𝗿𝘀𝗲 𝗖𝗵𝗮𝗿𝗴𝗲 𝗠𝗲𝗰𝗵𝗮𝗻𝗶𝘀𝗺 (𝗥𝗖𝗠).

Under the Finance Act 2024 (Part 2) and Notification 20/2024, all GST-registered recipients liable under RCM must issue self-invoices within 30 days of supply receipt.

𝗣𝗿𝗲𝘃𝗶𝗼𝘂𝘀𝗹𝘆, there was no clear time limit, leading to confusion. This change aims to bring consistency and ensure timely tax compliance.

Key Points:
✅ New 30-day time limit for RCM self-invoices.
✅ Effective from 1st November 2024.

📍𝗗𝗼𝗻'𝘁 𝗳𝗼𝗿𝗴𝗲𝘁 𝘁𝗼 𝗿𝗲𝗽𝗼𝗿𝘁 𝗦𝗘𝗟𝗙 𝗜𝗡𝗩𝗢𝗜𝗖𝗘𝗦 𝗜𝗡 𝗚𝗦𝗧𝗥-𝟭 also from November onwards - Table 13 (Documents issued during the Period) because time limit of same has been notified now by CBIC!

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