TAXABLE VALUE UNDER RCM

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This discussion concerns the correct reporting of taxable value for car renting services under Reverse Charge Mechanism (RCM). The supplier raised an invoice of Rs. 1,12,775, but the company only passed Rs. 96,785 after deducting TDS under Section 194C. The company paid GST under RCM. The advice clarifies that the full invoice amount of Rs. 1,12,775 should be considered for RCM reporting in GSTR1 and GSTR3B, and a credit note should be issued for the difference.

MALAY DAS

MALAY DAS (Querist)

10 August 2020 RESPECTED SIR
SUPPLY OF CAR AS RENTING VECHILE TO A COMPANY. SUPPLIER RAISED BILL RS 112275 9( BILL INCULDE A FIXED CHARGE AND A CAR RUNNIMG CHARGES) BUT THE COMPANY BILL PASSED RS 96785 AFTER DEDUCTING TDS SEC 194C .AND COMPANY PAID GS TAX UNDER RCM. NOW WHICH AMOUNT AND HOW IT SHOW IN GSTR3B AND GSTR1. PLEASE ADVICE THANKS.......

Lekhraj sood

Lekhraj sood (Expert)

11 August 2020 You have to show Rs.112275/- as outward supply liable to RCM under table 4B of GSTR1.

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MALAY DAS

MALAY DAS (Querist)

11 August 2020 Respected sir
thanks for replies...but how to show in GSTR3B and company biil passed only rs 96785/ where to show it. advice please.....

Lekhraj sood

Lekhraj sood (Expert)

11 August 2020 What is the breakup of the difference between 112275-96785?? What for this amount is deducted? TDS deduction should not be so much.

MALAY DAS

MALAY DAS (Querist)

13 August 2020 RESPECTED SIR
I GIVE YOU DETAILS
BILL RAISED BY SUPPLIER 112775
BILL PASSED BY COMPANY 106000
TDS DEDUCTED 194C 1% 1061
BALANCE 104939 CREDIT TO SUPPLIER BANK ACCOUNT
GST TAX PAID BY COMPANY UNDER RCM. PLEASE ADVICE

Lekhraj sood

Lekhraj sood (Expert)

13 August 2020 Then from where Rs.96785/- is coming?
Based on your clarifications,Amount of invoice to be shown in GSTR1 and 3B is Rs.1,12,775/-.You have to raise a credit note for Rs. 6,775/-.This credit note also you have to show in GSTR1 and 3B.

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