RCM Self Invoice required to be generated within 30 Days [CBIC notifies new Rule]

The Central Board of Indirect Taxes and Customs has notified New Rule 47A, for notifying the Time limit for issuing tax invoices in cases where the recipient is required to issue the invoice. Basically this rule sets a specific Time Limit for issuing Self Invoice in case of Reverse Charge Mechanism (RCM).

As per this Rule, where an Tax invoice is required to be issued under clause (f) of sub-section (3) of section 31 by a registered person, who is liable to pay tax under sub-section (3) or sub-section (4) of section 9, he shall issue the said invoice within a period of thirty days from the date of receipt of the said supply of goods or services, or both.

Self Invoice: As per Clause (f) of Section 31(3) a registered person who is liable to pay tax under sub-section (3) or subsection (4) of section 9 shall, within the period as may be prescribed, issue an invoice in respect of goods or services or both received by him from the supplier who is not registered on the date of receipt of goods or services or both.

This Rule is applicable with effect from the 1st day of November 2024.