Self Invoices done under RCM: GST Council gives major relaxation u/s 16(4):

Self Invoices done under RCM: GST Council gives major relaxation u/s 16(4) The GST Council in its 53rd meeting has given major relaxation under Section 16(4) of the CGST Act for the invoices under RCM (Reverse Charge Mechanism). The Council has provided a clarification about the applicability of provisions of Section 16(4) of the CGST Act, 2017, in respect of invoices issued by the recipient under the Reverse Charge Mechanism (RCM). The Council of GST recommended CBIC to issue a clarification that in cases of supplies received from unregistered suppliers, where tax is to be paid by the recipient under the reverse charge mechanism (RCM) and the invoice must be issued solely by the recipient, the relevant financial year for calculating the time limit for availing of input tax credit under the provisions of section 16(4) of the CGST Act is the FY (financial year) in which the invoice was issued by the recipient.