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Input Tax credit on RCM
can I get the benifit of itc in RCM under GST??
Replies (7)
Yes
how I get this ? what is the activity behind this procedure
First shown it under out put liability (GSTR 3 B) and the same claimed in the input available column in the GSTR 3 B
beat available answer here https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=7560&kw=WHEN-CAN-ONE-TAKE-ITC-FOR-RCM-CASES
input includes tax paid under rcm.first make the payment through e cash ledger then avail credit through e credit ledger.but since output tax doesnt include tax paid under rcm, input available on account of rcm can be used only against liability under rcm
you can easily take itc on rcm first you mentioned inwards supply as reverse charge in GSTR - 3B. if there is payable in that month you should pay rcm amount merge with total taxable liability there is no need to make separate challan for rcm after pyt you will easily take itc on that rcm amount
@ NithinSivadas Nice and orderly explanation 👍
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