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rcm itc

ankit bokadiya (3 Points)

17 September 2017

rcm amount paid ka input credit kab le sakte hai

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9 Replies

Ashish Garg (Consultant - GST) (844 Points)
Replied 17 September 2017

In terms of section 41 (1) of CGST Act, 2017 You can take the said credit in the same month in which the supply is received on provisional basis. However, RCM liability need to be paid in cash in terms of section 41(2) read with section 2(82)

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CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 17 September 2017

As per reply on twitter by GST Deptt, ITC available when RCM is paid by registered person means if paid in same month then only allow.

Ashish Garg (Consultant - GST) (844 Points)
Replied 17 September 2017

Is there any legal validity of twittes by department mam...

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RAJA P M ("Do the Right Thing...!!!") (128029 Points)
Replied 17 September 2017

As per my view.,
we can't get extra benefits for RCM related payments...
We only get the ITC as RCM related inwards and reflect in liability and Input....

(RCM related payments dealt as per "Depreciation & SB account Interest in Income Tax". The same rules on RCM)
So, we can't get extra benefits for RCM related payments.....

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 17 September 2017

100% legal validity as date is also extended by cbec through twitter

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Ashish Garg (Consultant - GST) (844 Points)
Replied 17 September 2017

Dear Mam, cbec had issued notification for date extension... Twitter is just a way of announcement.

I am asking that do these kind of twittes will supersede the law.

Legally there is no any bar on taking the credit in the month of receipt of supply) . (refer section 41 of cgst law)