I have liability towards Reverse Charge
no other tax liability than this.
& having ITC
so RCM liability can be adjusted against ITC available?
or RCM payment has to be done separately?
please advise
5 Replies
Jayesh Rathor
(15 Points)
Replied 19 August 2019
No, RCM liability can NOT be adjusted against ITC available and RCM payment has to be done separately by paying the RCM liability through Electronic Cash Ledger.
You are eligible to take separate credit of RCM liability paid but the said liability can't be adjusted with ITC available.
You are eligible to take separate credit of RCM liability paid but the said liability can't be adjusted with ITC available.
Sivaraman A R
(.)
(1040 Points)
Replied 19 August 2019
RCM liability has to be paid separately in your case.
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 19 August 2019
ok thanks for the information.
& if the case would be like we have RCM Liability + Liability other than RCM
if we clear entire liability then input of RCM payment can be availed in the same month?
Jayesh Rathor
(15 Points)
Replied 19 August 2019
Yes input of RCM can be availed in the same month which will ultimately nullify the RCM effect.
You pay the RCM tax through cash ledger and claim input credit of RCM in the same return
You pay the RCM tax through cash ledger and claim input credit of RCM in the same return
Rudrayani Shedjale
(Assistant Accountant)
(751 Points)
Replied 19 August 2019
thanks a lot for the information to all experts
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