On Which Basis Deposit of GST under RCM

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Daya

Daya (Querist)
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17 February 2022 on Books Basis,
on 2A Reflected Basis
or 2B Reflected basis for the month of January 2022.

Asha Kanta Sharma online

Asha Kanta Sharma

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09 July 2024 For the deposit of GST under Reverse Charge Mechanism (RCM) for the month of January 2022, you generally have the following options regarding the basis on which you can deposit the tax:

1. **On Books Basis**: This means you deposit GST based on the invoices you have recorded in your books of accounts for the relevant period, irrespective of whether the supplier has filed their GST returns or not.

2. **On GSTR-2A Reflected Basis**: GSTR-2A is an auto-populated form that shows the details of inward supplies made available to the recipient on the GST portal based on the supplier's filings. You can choose to deposit GST based on the invoices reflected in your GSTR-2A for January 2022.

3. **On GSTR-2B Reflected Basis**: GSTR-2B is a static statement generated on a monthly basis which reflects the details of inward supplies including ITC available and blocked. You can also choose to deposit GST based on the invoices reflected in your GSTR-2B for January 2022.

The choice of basis typically depends on your specific circumstances and the reliability of the information available in GSTR-2A or GSTR-2B. It's important to ensure that you have reconciled these details with your own records to avoid any discrepancies in GST payment under RCM. If you're uncertain, consulting with a GST practitioner or accountant who can review your specific situation would be advisable.