CBIC Introduces Rule 47A to CGST Rules: New 30-Day Time Limit for Issuing Tax Invoices Under RCM

The CBIC has introduced Rule 47A to the CGST Rules, setting a 30-day time limit for issuing tax invoices under the Reverse Charge Mechanism (RCM). Effective November 1, 2024, this rule mandates that registered persons must issue tax invoices within 30 days from the date of supply of goods or services under RCM. This amendment aims to ensure timely documentation and compliance with GST regulations. Failure to issue invoices within the stipulated time frame may result in penalties and interest charges, emphasizing the importance of adhering to the new rule.