A statement called RCM liability/ ITC statement has been introduced on GST portal. The same has been introduced with a motive of enhanced accuracy and transparency by capturing the RCM liability figures depicted in Table 3.1(d) of GSTR-3B and corresponding ITC claimed in Table 4A(2) and 4A(3) of GSTR-3B.
The said statement is applicable from August 2024 for monthly return filers and from July to September 2024 quarter for quarterly return filers.
Reporting of RCM ITC balances
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Particulars |
To report negative or positive value |
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Excess RCM liability paid in GSTR 3B however ITC has not been availed |
The said positive value of ITC is to be reported as an 'Opening balance' |
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Excess RCM ITC availed in GSTR 3B however corresponding tax has not been paid |
Negative value of ITC is to be reported as the Opening balance |
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Reclaimed RCM ITC which was reversed in an earlier tax period in Table 4(B)(2) of Form GSTR3B |
The said ITC can be reclaimed by reporting in Table 4A (5) of GSTR-3B. Since the same cannot be claimed through Table 4(A)2 and Table 4(A)3, it shall not form part of this statement. |
Steps for reporting the RCM ITC balances:
The taxpayers can report the opening balance in the statement by following below navigation:
Login >> Report RCM ITC Opening Balance or Services >> Ledger >> RCM Liability/ITC Statement >> Report RCM ITC Opening Balance. The timeline to declare the opening balance on the portal is 31 October 2024. Further, taxpayers will be provided 3 opportunities to rectify any error in reporting the opening balance till 30 November 2024.
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