Q.18 Under RCM, one has to issue tax invoice as well as payment voucher? Also why the prescribed payment voucher is to be sent to the supplier? 

Ans. Yes, in cases where tax is to be paid by the recipient on reverse charge basis, the recipient is required to issue a payment voucher to comply with Section 31(3)(g). The payment voucher so issued is to be sent to the supplier, being the proof that tax has been paid on reverse charge on the said supply and the consideration has been paid to the supplier.

Q.17 Is there a need to pay interest on wrongly availed ITC…?

What is the take of industry, if we are having enough ECL balance at the time of wrong availment? 

Ans. In terms of Section 50(3) as proposed in Finance Bill, 2022 and decision in 45th GST Council Meeting interest is to be charged only when ITC has been wrongfully availed and utilized, which means interest is to be calculated only where balance of credit is not available in the Electronic Credit ledger. Further, with reference to relevant case laws, it is clear that interest has to be charged where input has been wrongly availed and utilized, and not just upon availment of credit.

As per industry norms, interest is being paid on availment and utilisation.

Q.16 How to file GST returns for businesses that of loans collection and recovery and how to file GST returns for restaurants supply food through e commerce and how to file GST returns for event management firms? 

Ans. The query is basically about the procedure of return under different sectors, though the procedure is similar to the filing of return of other taxpayers.

It is practically not feasible to elaborate the entire process in the query section, we request you to share the specific query related to return, so that we can help you out in a better way.