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.
CAclubindia
