RCM on Security Services ( Service provider wrongly charged GST in its invoice)
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26 July 2021
A Security service firm has wrongly charged GST in their invoice and the assessee (Company) took the ITC. Since, Security Guard Service is under RCM and the assessee being a Company has to pay GST under RCM and then may claim the ITC.
For few months Security firm has charged GST in their invoice but later on assessee realized that it is their liability to pay GST under RCM, my question is "Whether company has to book liability in its books for not paying GST under RCM for part of the year?"
Regards
Thanks in Advance!
For few months Security firm has charged GST in their invoice but later on assessee realized that it is their liability to pay GST under RCM, my question is "Whether company has to book liability in its books for not paying GST under RCM for part of the year?"
Regards
Thanks in Advance!
26 July 2021
Yes, liability has to be booked.
26 July 2021
Pay RCM and claim itc
26 July 2021
But for part of the year firm has charged GST in their bill and assessee has paid the bill amount including gst to the firm.
Still assessee has to book liability for the part of the year in which firm has wrongly charged the gst in their invoice?
Still assessee has to book liability for the part of the year in which firm has wrongly charged the gst in their invoice?
26 July 2021
Yes you will have to since the liability to pay gst is yours under RCM
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