Rule 47A: Introduced via notification 20, kicks in November 1, 2024! Here’s what businesses need to know to stay compliant:
Self-Invoicing Deadline:
- Issue self-invoices within 30 days of receiving goods or services.
- Applies to both goods and services (no more separate timelines).
Non-Compliance Penalties:
- Failure to follow Rule 47A will result in penalties, in line with existing provisions under Rule 47.
RCM Compliance Requirements:
- If you receive goods or services from unregistered suppliers, you must generate and keep self-invoices for tax purposes (as per Sections 3 & 4 of Section 9).
Documentation & Audits:
- Ensure all self-invoices are properly documented and available for verification by tax authorities.
Impact on GST Returns:
- Report line-item invoicing in GSTR-1 to reflect these changes.
Get Ready:
- Update your accounting and invoicing systems to handle these changes before November 1, 2024.
Act now to avoid penalties – Stay ahead of the game!
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