GST Interest Liability for Royalty Under RCM
This query is : Resolved
07 June 2024
A party dealing in minerals and liable to pay royalty for conducting their operations did not pay the GST liability on this royalty in the past year. They have now received a notice requiring them to pay the GST along with interest. The concern is whether they are liable to pay the interest since the royalty falls under the Reverse Charge Mechanism (RCM) and no input credit has been claimed. Are they still required to pay the interest on the overdue GST?
Furthermore, the party's concern is whether they can claim ITC for the past years, i.e., 2019-20 and 2020-21, for which they are liable to pay tax now.
Any insights would be greatly appreciated."
Furthermore, the party's concern is whether they can claim ITC for the past years, i.e., 2019-20 and 2020-21, for which they are liable to pay tax now.
Any insights would be greatly appreciated."
10 June 2024
Liable to interest.
No, ITC can not be availed on old invoices.
No, ITC can not be availed on old invoices.
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