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GST Audit for Fy.2017-18 audit completed in June 2024 are we liable to pay RCM for this financial

Dhiman S Ahirao (Accounts) (40 Points)

02 August 2024

GST Audit for Fy.2017-18 audit completed in June 2024 are we liable to pay RCM for this financial

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5309 Points)
Replied 08 October 2024

Based on the information provided, it seems that the GST audit for FY 2017-18 was completed in June 2024. Regarding the liability to pay Reverse Charge Mechanism (RCM) for this financial year: 1. RCM applicability: Check if RCM was applicable for the specific services or goods received during FY 2017-18. 2. Audit findings: Review the audit findings to determine if any RCM-related liabilities were identified. 3. Statute of limitations: Consider the statute of limitations for GST assessments, which is generally 3-5 years from the end of the financial year. Since the audit was completed in June 2024, the statute of limitations may have expired for FY 2017-18. 4. Consult a tax professional: It is recommended to consult a tax professional or GST expert to: a. Confirm the applicability of RCM for FY 2017-18. b. Review the audit findings and determine if any RCM-related liabilities were identified. c. Assess the impact of the statute of limitations on potential RCM liabilities. d. Ensure compliance with GST regulations and address any potential liabilities or penalties. Please note that GST laws and regulations are subject to change, and this response is based on general information. A tax professional or GST

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