Accordingly you have to file GSTR-1 & GSTR-3B showing this RCM payment and then claim ITC.Further as per Rule 36 sub rule (1) clause (b) of the CGST Rules 2017, the Self Invoice is the document which is required to claim ITC on GST paid under RCM basis.EXTRACT OF RULE 36(1) ...
01 December 2020 I have paid GST under RCM for supply received. In GSTR 3B i have claimed the amount paid under RCM as input and it is showing in my credit ledger. Now, the supplier has cancelled the deal and also uploaded a credit note which is showing in my GSTR 2A. If I rever...
Later on, through the form GSTR 3B and its table 4A, the taxpayers can claim an ITC on this type of transaction in the same month. There needs to be a separate ledger that should be maintained by the accountants for the RCM transactions. Here are the details that need to go into the...
If the supply attracts a reverse charge, the invoice level information for all such supplies should be furnished in a separate GSTR 1 table 4B. Who Should Pay GST in RCM? Here are the essential facts while making GST payments under Reverse Charge Mechanism: ...
The GST Portal has been updated to include an RCM Liability/ITC Statement for taxpayers to assist them in correctly reporting transactions. View more 21st August 2024 GST Instruction No. 03/2024 relates to applicable paragraph 2(g) of Instruction No. 01 issued on 30th March 2024. Read more ...
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However, Rule 36(4) introduces a new restriction on claiming ITC. Now, you cannot claim more than 105% of the ITC reflected in GSTR-2B as provisional credit. This 5% provisional ITC rule does not apply to the import of goods, input service distributors and, reverse charge mechanism (RCM...
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If the supply attracts a reverse charge, the invoice level information for all such supplies should be furnished in a separate GSTR 1 table 4B. Who Should Pay GST in RCM? Here are the essential facts while making GST payments under Reverse Charge Mechanism: ...
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