Our company had imported some service in March 2017 but didn't discharge their liability as RCM in the March 17 return, as they followed the section 13(3) which say that time of supply will earlier of following:
date of payment or date of credit in books of account
or
60 days after the receipt of invoice.
Now i have query that can we show liability in May 2019's return and claim ITC or the same will shown in 17-18's annual return and pay through DRC 03 and ITC will be lapsed.
Please suggest.
Conservative view is to pay through DRC 03 and ITC lapses.
If at all, wants to avail ITC, possibility of the following can be looked into - RCM can be paid now & raise self invoice with current date. As self invoice is the documentary evidence and time limit refers to documents, ITC may be availed on this invoice. But is prone to litigation.
CAclubindia
