27 December 2017
Hi....if in Sept 2017 a purchase is done from an unregistered dealer. As reverse taxation is applicable , the assessee pays the reverse tax whilst filing his GST return.
If later on in October or November , the goods are returned to the urd and a credit note is received , will the assessee get a) the refund of the amount paid under reverse charges b) will that amount be adjusted against future GST / reverse charge payments c) he won't get any refund / adjustment
27 December 2017
The RCM is only for the receipient hand. Also he will/is taken the Input on next month returns. So, No more ITC available in that URD Purchases... Bcoz, The goods come in without tax and the same way the goods sent out without Tax... The RCM related tax is the assessee's hand... No more effects.
CAclubindia
