20 August 2022
I am a Mentha oil dealer. From April to May month i purchased mentha oil of Rs 15,00,000 and sold mentha oil of Rs 12,00,000. I paid taxes on 12,00,000 on forward charge basis. now my query is mentha oil is covered under Reverse charge, i had to pay taxes on 15,00,000 and Claim ITC On that in April to may month. Now what i can do i paid taxes on rs 12,00,000.whether i need to pay taxes on 15,00,000 again that will impact my working capital. please suggest me....
21 August 2022
You have to pay taxes on 15,00,000 under RCM and Claim ITC On that in April to may month. Check whether amending gstr return tax paid can be shown as RCM payment.
CAclubindia
