hello expertise
pls guide me on above subject matter if by mistake we paid excess RCM and take input with excess value as well. so in this type of case can we make adjustment in next month RCM.
pls suggest..
thnx
11 Replies
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 21 December 2019
Since it is a R.C.M based I.T.C that is you paid and claimed back there will not be much controversies.(some Also R.C.M Turnover is also not considered as 'Annual Turnover' in G.S.T for other purposes).Hence you simply ignore.
If it is the case of other I.T.C you have to reverse it in succeeding month 3B
Sunil Sandhyar
(Sr. Accountant)
(74 Points)
Replied 21 December 2019
M. keerthi sir i am ok with ur advise but there is mismatch stand in expense booked under RCM in books and exp filed with GSTR 3B. so how can i deal with mismatch during my statuary and GST audit.
CMA M.Keerthi chandra
(C.A FINAL STUDENT AND QUALIFIED C.M.A)
(561 Points)
Replied 21 December 2019
In that case if you are liable to G.S.T Audit , your may match or adjust R.C.M expense on overall the year rather monthly.You can reduce the exact figure in upcoming tax period if you have such expense every month. or else in the next month in which you meet such expense.
But you cannot show negative figure.Utility is designed in such away.
SOWJANYA M
(840 Points)
Replied 21 December 2019
Yes during next month u adjust to the extent of excess paid. at the end of the year ur RCM total to be exact
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 21 December 2019
Yes... I agreed to above said replies.
@ Mr Sunil.,
You can adjust in Your books only.
Not in GSTR 3B return... if You are claimed ITC as same.
@ Mr Sunil.,
You can adjust in Your books only.
Not in GSTR 3B return... if You are claimed ITC as same.
Sunil Sandhyar
(Sr. Accountant)
(74 Points)
Replied 21 December 2019
Ok thnx to m. kaarthi , sowjanya m & raja pm for your valuable advise.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 December 2019
Can You elaborate with details @ Kausik...?!
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13709 Points)
Replied 23 December 2019
In any case you can treat excess RCM paid as RCM paid in advance in respect of next month and accordingly adjust your RCM liability in next month.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 23 December 2019
| Originally posted by : CS Abhishek Goyal | ||
 |
In any case you can treat excess RCM paid as RCM paid in advance in respect of next month and accordingly adjust your RCM liability in next month. |  |
If its already availed as ITC then What?
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