Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

CGST Rule 47 A

26 October 2024

Recently in cgst rule 47, inserted new rule 47A. For issue of invoice from registered recipient, who receive service from unregistered person with in 30 days from receipt of service.

In this regard my quiries

1 ) Mostly unregistered service providers
issue bill of supply of service, even though, recipient needs to prepare invoice within 30 days.

2) After insertion new rule 47A - Time of supply ( Point of taxation ) as per sec. 13 (3) is applicable or not ( earliest date of payment of tax )

Reply
Follow
Share

3 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5128 Points)
Replied 26 October 2024

I'll do my best to help you with your queries related to the CGST (Central Goods and Services Tax) rules.

1. You are correct that unregistered service providers typically issue a bill of supply for services.

However, with the introduction of Rule 47A, the registered recipient is now required to prepare an invoice within 30 days of receiving the services from an unregistered person. This is a new compliance requirement for the recipient.

2. Regarding the time of supply (point of taxation), Section 13(3) of the CGST Act still applies.

The time of supply is determined as the earliest of the following dates: - The date of receipt of payment - The date of payment as entered in the books of accounts of the recipient -

The date on which the payment is debited to the recipient's bank account - The date immediately following sixty days from the date of issue of invoice or any other document in lieu thereof by the supplier .

However, with the introduction of Rule 47A, the registered recipient is now required to prepare an invoice within 30 days of receiving the services.

This means that the time of supply (point of taxation) will be the date of receipt of services or the date of payment, whichever is earlier.

Upgrade to CAclubindia Pro. Subscribe Now!

ankababu (Accountant) (105 Points)
Replied 27 October 2024

Any provision is there for uploading self invoices of Unregistered persons UNDER RCM.

Rajkumar Gutti (591 Points)
Replied 04 November 2024

It means preparing invoice within 30 days from receipt of service.

And point of taxation applicable after preparing invoice ( i. e after 60 days from the date of invoice )

Is it correct?

Each services including transport service invoice preparing is mandatory? Even though vendor give bill of supply service

Preparing invoice within 30 days, and after invoice preparing point of taxation within 60 days ( 60 days from from the date issue of invoice ) means nearly 90 days of point of taxation, is it correct?