INPUT CREDIT UNDER RCM QUERY
This query is : Resolved
Quick Summary
Rashmi Ranjan Das
(Querist)
18 May 2022
Dear Experts
If a registered recipient taken advocate service Rs. 100000.00 of 15th April 2022 and booked the RCM liability Rs.18000/- in his books on Apr 22. But the payment was made to the supplier on 14th May 2022. So my question is,
1. Recipient can get the ITC under RCM in April or in May?
2. If not in Apr then the recipient should pay the RCM Liability Rs.18000/- through the cash ledger in April then the RCM input will get a refund or will adjust with the RCM liability ahead once payment is done?
Request you to all experts to have a look at this issue and guide me.
Thank you
If a registered recipient taken advocate service Rs. 100000.00 of 15th April 2022 and booked the RCM liability Rs.18000/- in his books on Apr 22. But the payment was made to the supplier on 14th May 2022. So my question is,
1. Recipient can get the ITC under RCM in April or in May?
2. If not in Apr then the recipient should pay the RCM Liability Rs.18000/- through the cash ledger in April then the RCM input will get a refund or will adjust with the RCM liability ahead once payment is done?
Request you to all experts to have a look at this issue and guide me.
Thank you
CA R SEETHARAMAN
(Expert)
18 May 2022
1 RCM can be taken in the month of payment of RCM irrespective of payment to the supplier.
2 Pay RCM and claim ITC on it against output liability.
2 Pay RCM and claim ITC on it against output liability.
Ram Avtar Singh
(Expert)
18 May 2022
RCM should be paid by 24th May 2022 for the month of April-2022 and the same will be claimed for ITC input in April-2022.
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