in the year 2017/18 for 4 month i had not paid rcm on lr as i though that rcm was cancelled later i came to know that on lr its compulsree now what i have to do my gst helper tell me that i have topay rcm with interest and it will not be refund
3 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 14 October 2019
Yes you are liable to pay RCM with interest & you cannot claim ITC for the same.
pay in cash ledger & setoff by filing DRC 03
pay in cash ledger & setoff by filing DRC 03
CA Dhruva Kalamanji
(Chartered Accountant )
(1996 Points)
Replied 14 October 2019
Itc on rcm can be paid is available to you. since you have not paid so time limit to claim itc provision will not apply so u can claim it as itc.
however interst is cost for you
however interst is cost for you
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 15 October 2019
@ CA Dhruva
As per Order 2/2018 Central Tax
The .last date to claim ITC for FY 2017-18 is 31/3/2019.
If you Read the Defination of INPUT TAX CREDIT provided, in Section 2(63) , means the Credit of "Input Tax" & if you refer the Definition of INPUT TAX under Section 2(62) , It includes the Credit of RCM also .
Hence Querist is liable deposit the RCM with interest but cannot claim ITC for the same .
As per Order 2/2018 Central Tax
The .last date to claim ITC for FY 2017-18 is 31/3/2019.
If you Read the Defination of INPUT TAX CREDIT provided, in Section 2(63) , means the Credit of "Input Tax" & if you refer the Definition of INPUT TAX under Section 2(62) , It includes the Credit of RCM also .
Hence Querist is liable deposit the RCM with interest but cannot claim ITC for the same .
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