Rcm on gta paid

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This query is : Resolved

JAINUDIN M LAXMIDHAR (Querist)

28 November 2018 ASSESSEE-REGISTERD PERSON HAS FILED GSTR 3B AND GSTR 1 REGULARLY TILL OCTOBER 2018, NOW DURING GST AUDIT -AUDITOR INSISTED TO PAY RCM ON TRANSPORT FREIGHT BY GTA FOR THE YEAR JULY-17 TO MARCH-18 AMOUNTS Rs.45000/- CGST Rs.45000/- SGST AND Rs. 60000/- IGST. IF REGISTERED PERSON PAYS WITH INTEREST @ 18 % IN NOVEMBER GSTR-3B WILL REGISTERED PERSON GET ITC CREDIT DURING NOV-2018 ON WARDS FOR RCM ? REGISTERED PERSON HAS MADE MISTAKE TILL OCTOBER 2018. WHAT WILL BE THE CONSEQUENCIES FOR THIS.

RAJA P M

RAJA P M (Expert)

29 November 2018 Pay the Rcm tax in your next GSTR 3B return with interest for the period April 18 to October 18... From April 17 to March 18 related Taxes will be pay at the time of Annual Return...

CA Tarun Jagdish

CA Tarun Jagdish (Expert)

29 November 2018 you can claim input only within one year from the date of invoices. so you lose input of July to September. rest you will get

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

29 October 2026 Sec 16(4) is not a one-year-from-invoice rule: the deadline runs to the return for the following September (now 30 Nov after FY end), and for FY 2017-18 it was extended to the March 2019 GSTR-3B, so RCM tax paid late with interest was creditable. Under Circular 211/5/2024, for RCM purchases from unregistered persons, the limit runs from the FY of the self-invoice.

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