Rental income output gst around cgst and sgst 10000
rent paid rcm 2700 cgst and sgst
can take rcm to adjust output gst liabilities?
example 10000 - 2700 =7,300 net output liabilities or full amount is payble as output gst (10000) ??
Rental income output gst around cgst and sgst 10000
rent paid rcm 2700 cgst and sgst
can take rcm to adjust output gst liabilities?
example 10000 - 2700 =7,300 net output liabilities or full amount is payble as output gst (10000) ??
You cannot deduct the ₹2,700 from the ₹10,000 to pay a "net" of ₹7,300. You must pay the full ₹2,700 in cash. You can then claim that ₹2,700 as Input Tax Credit, which effectively makes the transaction revenue-neutral in the long run, but the initial payment must be cash.
First of all, pay RCM OUTPUT Liability in cash and Claim Input in the same month, and utilized in output liability in the same month.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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