I am manufacturer we are supply our products FOR basis we inculud Frieght cost in my product basic value
my transporter raise freght bill after 15 days supply of product I am pay bill amount RCM 5%
my query is we are allowed taking credit of RCM or not
3 Replies
CA Shashikumar PN
(Consultant - Taxation)
(264 Points)
Replied 15 September 2017
You can take ITC of GTA.
Sumati Bengani
(1)
(1570 Points)
Replied 15 September 2017
Yes, absolutely you can take ITC on RCM. You have to generate an invoice or consolidated invoice at the end of the month under RCM. Thereafter, you will have to report the same in GSTR-3B, 2 and 1, and also pay the amount in CASH. The same shall be available as ITC in subsequent month.
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