RCM Payment

Page no : 4

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 01 October 2017

That is credit...?!

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 01 October 2017

First of add in liability and less it as cash payment it's not adjustment....
Without add liability and paid cash next ADJUST the Cash payment to liabilities then it's adjusted / ITC....

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 01 October 2017

You are not understanding the position.

Firstly it is added in liability & Then it is also shown in ITC.....

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 01 October 2017

Liability will be paid off only out of cash.....

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 01 October 2017

I know the provision of RCM basis transaction. Also I said some queries "It's base/follow as per (IT) SB account interest & Depreciation. Both are first add next less"
But, You said the same as "ITC available"....

Till date, I'm not complete any returns for July month..... I'm also waiting....

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 01 October 2017

I think here i am not able to correctly interprete what you are saying.

Dr. ShamsheerKhan (Director of S S Associates) (968 Points)
Replied 01 October 2017

Dear experts, in law it is clearly written that Rcm paid for cash amount is to be adjusted in next month liabilities. But once you pay the RCM amount in cash sgst and cgst amount it got credited in the cash ledger and at the same time the same amount is immediately available as an ITC that is why one can adjust the ITC in the liabilities of the same month this is what happening practically on gstn here the RC am paid in cash was not kept in freezed for that month this is a clear Glitz of gstn.
finally I want to tell agar koi bhi Ganga mai apne Haath dho le toh Kasoor na Ganga ka hai aur nahi Duniya Walo ka....

1 Like

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 02 October 2017

@ My Dear ShamsheerKhan.,
Finally (end) you said Hindi I'm not get meaning. I don't know Hindi...!😊😊😊🙏🙏🙏

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 02 October 2017

He told that if someone wash his hands in Ganga then it is not a fault of Ganga or other peoples of world.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 02 October 2017

Ganga...?
How ll come Ganga in here 🤔🤔🤔?!

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 02 October 2017

Just an example to explain situation s

anshul aggarwal (Consultant) (1074 Points)
Replied 03 October 2017

RAJA P M,

ATTACHED FILE WILL SHOW HOW OUTPUT TAX LIABILITY IS ADJUSTED THROUGH ITC FROM REVERSE CHARGE IN SAME MONTH. FOR THIS RETURN ONLY Rs. 5000=00 TAX IS TO BE PAID THROUGH CHALLAN FOR THE MONTH.

Attached File : 677968 20171003144711 gstr 3b july 2017 18 sample.doc downloaded: 130 times