16 August 2017
suppose itc on july purchase Rs. 10000/- and RCM payable on freight Rs. 500/-. Whether I can set off Rs. 500/- from Rs. 10000/- itc balance. In the month of July I have no sale.
16 August 2017
No... at first you have to pay RCM liability in cash/Bank to govt. than you can take ITC of that. means ITC available to you cannot be used for RCM liability.
CAclubindia
