11 July 2024
One carriage inward bill received of Rs. 1,60,000/- from a transporter. In portal, the said bill is shown in GSTR 2A with Taxable Value of 1,60,000/- and IGST of Rs. 8,000/-. but invoice value only Rs. 1,60,000/-. In this case, whether I have to pay Rs. 8000/- as RCM ? Whether Can I claim ITC of Rs. 8,000/- ?
11 July 2024
Taxpayers need to check the invoices in their GSTR-2A and if the supplier has marked those invoices as “Yes” for RCM. Then they need to pay the tax amount on those invoices under RCM. Yes, you can claim ITC.