Analysis of Self-Invoicing Time Limit in RCM (Effective from 1st November 2024)

Welcome to our channel! In today’s video, we’re diving deep into an essential update for all GST-registered businesses regarding self-invoicing under Reverse Charge Mechanism (RCM). Effective from 1st November 2024, a specific time limit has been introduced for issuing self-invoices in RCM cases. This video covers:

What is Self-Invoicing in GST?

Explanation of self-invoicing under RCM, as per Section 31(3)(f).
Time Limit Changes

New time limit for issuing self-invoices in RCM cases introduced by Finance Act, 2024 (Part 2) and specified under Notification 20/2024, 8th October 2024.
Provisions You Should Know

Details of Section 31(3)(f) and Rule 47A, with an explanation of the compliance requirements and consequences for non-compliance.
Why This Update is Important
Many businesses have faced confusion regarding when to issue self-invoices in RCM, leading to end-of-year backlogs or compliance issues. This update aims to streamline the process, ensuring self-invoices are issued within 30 days of supply receipt for all RCM transactions.

⚠️ Avoid Penalties
Following the new guidelines can help avoid penalties, so be sure to stay updated!

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