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RCM ON FREIGHT NOT PAID

SANJEEV KUMAR (SELF EMPLOYED) (38 Points)

07 December 2024

i am a composition dealer and have not paid rcm on freight for fy 2023-24 now i a want to pay it how to pay it,kindly explain which form to be used and is interest is payable on it

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5684 Points)
Replied 07 December 2024

A composition dealer's concern!

Payment of RCM on Freight As a composition dealer, you are required to pay tax under Reverse Charge Mechanism (RCM) on freight inward.

Since you haven't paid the RCM on freight for FY 2023-24, you'll need to pay it now.

Step-by-Step Process To pay the RCM on freight:

1. _Calculate the tax liability_: Determine the total freight inward for FY 2023-24 and calculate the tax liability under RCM.

2. _File Form GSTR-3B_: Report the tax liability in Table 3.1(d) of Form GSTR-3B for the relevant tax period.

3. _Pay the tax_: Pay the tax liability through Form GST DRC-03. Interest Liability Yes, interest is payable on the delayed payment of tax.

The interest rate is 18% per annum, and it is calculated from the due date of payment. Relevant Forms

1. _Form GSTR-3B_: Used to report the tax liability and pay the tax.

2. _Form GST DRC-03_: Used to pay the tax liability.

Additional Tips .

1. _Consult a tax professional_: If you're unsure about the calculation or payment process, consider consulting a tax professional.

2. _Maintain accurate records_: Ensure you maintain accurate records of freight inward and tax payments to avoid any future discrepancies.

By following these steps, you'll be able to pay the RCM on freight and avoid any further complications.

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SANJEEV KUMAR (SELF EMPLOYED) (38 Points)
Replied 07 December 2024

Composition dealer files comp08 not gstr3b

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5684 Points)
Replied 07 December 2024

As a composition dealer, you are required to file Form CMP-08 instead of Form GSTR-3B.

Form CMP-08 Form CMP-08 is a quarterly return to be filed by composition dealers, providing details of:

1. _Tax payment_: Details of tax payment made by the composition dealer.

2. _Inward supplies_: Details of inward supplies received by the composition dealer.

3. _Outward supplies_: Details of outward supplies made by the composition dealer. Filing Form CMP-08 To file Form CMP-08:

1. _Login to the GST Portal_: Access the GST Portal (https://www.gst.gov.in/) using your credentials.

2. _Navigate to Returns Dashboard_: Click on "Returns" and then "Returns Dashboard".

3. _Select Form CMP-08_: Choose the financial year and quarter for which you want to file the return.

4. _Fill in the details_: Provide the required details, including tax payment, inward supplies, and outward supplies.

5. _Submit and file_: Submit the form and file it using your digital signature or EVC.

Due Date for Filing Form CMP-08 The due date for filing Form CMP-08 is: 1. _18th of the month_: Following the end of the quarter. For example, for the quarter January-March, the due date would be April 18th. .

Additional Tips

1. _Consult a tax professional_: If you're unsure about filing Form CMP-08, consider consulting a tax professional.

2. _Maintain accurate records_:

Ensure you maintain accurate records of your business transactions to facilitate easy filing of Form CMP-08.

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