ITC ADJUSTMENT

N K SRIVASTAV (ADVOCATE) (22 Points)

21 August 2017

CAN ITC ADJUSTED WITH PAYMENT OF RCM?

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4 Replies

RAMESH D MODI (Proprietor) (4864 Points)
Replied 21 August 2017

no
rcm is to be paid in case and adjust next month

1 Like

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 21 August 2017

RCM output liablilty is to be paid in cash.

Where as RCM input can be adjusted in the same month with output liablity(other than RCM o/p)

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RAMESH D MODI (Proprietor) (4864 Points)
Replied 21 August 2017

i

In short as per my view the payment of tax should not be lesser than TAX UNDER RCM.

RAMESH D MODI (Proprietor) (4864 Points)
Replied 21 August 2017

RCM CAN NOT BE ADJUSTED AGAINST INPUT TAX CREDIT. IT CAN BE ADJUSTED AGAINST NET OUTPUT LIABILITY.

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