why tax on rcm basis has to be paid in cash under gst....??
Menu
Can anyone tell me why RCM has to be paid only in cash...?
Replies (5)
Because as per section 49(5) ITC has to be utilised only for payment of output tax and tax on rcm basis is input tax liability , Therefore it has to be paid only through e-cash ledger.....
As per rules it is like that
In other than RCM registered person pays GST tax to vendor along with his bill payment. hence cash outflow. in case of RCM there is no payment of GST tax to vendor.hence need to be paid directly to govt RCM tax
Yes... I fully agreed to Mr Daxesh view...
@ Mr Daxesh.,
very good view and explanation...
@ Mr Daxesh.,
very good view and explanation...
Its prescribe in Rule 36(1)(b) of CGST Act : credit is available on invoice issued accordance to provision of clause (f) of Section 31(3) of CGST Act, SUBJECT TO PAYMENT OF TAX
Recent Threads
- Stuck with Schedule FSI in ITR 3
- Rental property gst claim genrator expense
- Gst on rental.
- TDS on Rent on joint property
- Cost of acquisition of a residential property acqu
- Updated IT Returns u/s 139 (8A)
- Conversion of Capital Asset (Shares) into Stock in
- Income tax-wrong head challan
- Regarding berthing of vesse
- Schedule FA reporting - peak value and cash MMF
Related Threads
CAclubindia
