Rcm gst itc
This query is : Resolved
27 September 2017
Dear Sir,
Please tell me about process for take ITC on RCM GST.
1. First we paid cash and after that take ITC.
2. No need to pay cash and settled at our end.
3. In GSTR-2 how to show RCM GST.
Thanks,
Shiva
Please tell me about process for take ITC on RCM GST.
1. First we paid cash and after that take ITC.
2. No need to pay cash and settled at our end.
3. In GSTR-2 how to show RCM GST.
Thanks,
Shiva
27 September 2017
RCM credit will be available only after payment. You can set off after payment. It should be shown in Column NO.4 of GSTR 2
27 September 2017
Sir, as per my knowledge RCM GST ITC will be take in same month so no need to make payment.
27 September 2017
RCM is not an output tax as per definition of output tax in CGST Act. and input credit is available only in respect of output tax. Therefore you are required to first pay RCM then it will become an output tax for which credit can be taken under ITC. In GSTR-4 you have to fill invoice data of RCM, i.e. details of invoice raised by you on yourself.
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