๐๐ต๐ฎ๐ป๐ด๐ฒ๐ ๐ถ๐ป ๐ฆ๐ฒ๐น๐ณ-๐๐ป๐๐ผ๐ถ๐ฐ๐ถ๐ป๐ด and ๐ง๐ถ๐บ๐ฒ ๐ผ๐ณ ๐ฆ๐๐ฝ๐ฝ๐น๐ ๐ผ๐ณ ๐ฆ๐ฒ๐ฟ๐๐ถ๐ฐ๐ฒ๐ under ๐ฅ๐๐ [Effective from ๐ญ๐๐ ๐ก๐ผ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ๐ฌ๐ฎ๐ฐ]
๐ฌ๐ญ. ๐ง๐ถ๐บ๐ฒ-๐๐ผ๐๐ป๐ฑ ๐๐๐๐๐ฎ๐ป๐ฐ๐ฒ of Self-Invoicing for Goods or Services from ๐จ๐ป๐ฟ๐ฒ๐ด๐ถ๐๐๐ฒ๐ฟ๐ฒ๐ฑ ๐ฆ๐๐ฝ๐ฝ๐น๐ถ๐ฒ๐ฟ๐ [Amendment to Section 31(3)(f) โ Finance Act (No. 2), 2024]:
. The power to prescribe a time limit for issuing such invoices has now been introduced.
๐ฌ๐ฎ. ๐ง๐ถ๐บ๐ฒ ๐๐ถ๐บ๐ถ๐ for Issuing Self-Invoices [Insertion of new Rule 47A โ NN. 20/2024 โ CT]:
๐ฅ๐๐น๐ฒ ๐ฐ๐ณ๐ prescribes that a self-invoice must be issued ๐๐ถ๐๐ต๐ถ๐ป ๐ฏ๐ฌ ๐ฑ๐ฎ๐๐ ๐ณ๐ฟ๐ผ๐บ ๐๐ต๐ฒ ๐ฑ๐ฎ๐๐ฒ ๐ผ๐ณ ๐ฟ๐ฒ๐ฐ๐ฒ๐ถ๐ฝ๐ ๐ผ๐ณ ๐ด๐ผ๐ผ๐ฑ๐ ๐ผ๐ฟ ๐๐ฒ๐ฟ๐๐ถ๐ฐ๐ฒ๐ ๐ณ๐ฟ๐ผ๐บ ๐ฎ๐ป ๐๐ป๐ฟ๐ฒ๐ด๐ถ๐๐๐ฒ๐ฟ๐ฒ๐ฑ ๐๐๐ฝ๐ฝ๐น๐ถ๐ฒ๐ฟ.
๐ฌ๐ฏ. ๐ง๐ถ๐บ๐ฒ ๐ผ๐ณ ๐ฆ๐๐ฝ๐ฝ๐น๐ for ๐ฆ๐ฒ๐ฟ๐๐ถ๐ฐ๐ฒ๐ from ๐จ๐ป๐ฟ๐ฒ๐ด๐ถ๐๐๐ฒ๐ฟ๐ฒ๐ฑ ๐ฆ๐๐ฝ๐ฝ๐น๐ถ๐ฒ๐ฟ๐ [Amendment to Section 13(3) โ Finance Act (No. 2), 2024]:
The time of supply for services from unregistered suppliers is now linked to the date of issuance of the self-invoice. The time of supply is the earlier of:
โ Date of payment to the supplier, or
โ Date of issuance of the self-invoice.
๐ฌ๐ฐ. ๐ง๐ถ๐บ๐ฒ ๐ผ๐ณ ๐ฆ๐๐ฝ๐ฝ๐น๐ for ๐ฆ๐ฒ๐ฟ๐๐ถ๐ฐ๐ฒ๐ from ๐ฅ๐ฒ๐ด๐ถ๐๐๐ฒ๐ฟ๐ฒ๐ฑ ๐ฆ๐๐ฝ๐ฝ๐น๐ถ๐ฒ๐ฟ๐ ๐๐ป๐ฑ๐ฒ๐ฟ ๐ฅ๐๐ [Amendment to Section 13(3) โ Finance Act (No. 2), 2024]:
For services received from registered suppliers under RCM, the time of supply is the earlier of:
โ Date of payment to the supplier, or
โ 60 days from the date of the supplierโs invoice.