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GST on Reverse Charge Mechanism

RCM 487 views 6 replies

If GST on Inward Supplies liable to Reverse Charge Mechanism was not paid and booked in the books of accounts of F.Y. 2017-18, and it was detected at the time of filing of GSTR 9 & 9C, then the same can be paid through DRC-03 (as an additional liability), but whether same can be claimed as Input Tax Credit in the same Annual Return or 9C or in the subsequent year? 

Replies (6)

No you can not  claim  , because  last for  claiming  ITC was 31/3/2019 as per  notification . please confirm with others also. 

Yes, it has been mentioned that Unclaimed ITC cannot be taken, so just wanted to know whether ITC on Reverse Charge Mechanism was "Unclaimed", even when i have not paid the same before 31.03.2019?

 

 

No...
Liability will be paid as per unpaid RCM tax. And You can't claim its as the same...

Any other views?

 

Reverse charge in respect of Financial Year 2017-18 paid during Financial Year 2018-19: Many taxpayers have requested for clarification on the appropriate column or table in which tax which was to be paid on reverse charge basis for the FY 2017-18 but was paid during FY 2018-19. It may be noted that since the payment was made during FY 2018-19, the input tax credit on such payment of tax would have been availed in FY 2018-19 only. Therefore, such details will not be declared in the annual return for the FY 2017-18 and will be declared in the annual return for FY 2018-19. If there are any variations in the calculation of turnover on account of this adjustment, the same may be reported with reasons in the reconciliation statement (FORM GSTR-9C)."

Quoting the Clarification issued by Govt, regarding ITC on RCM, now we can claim ITC, if we have paid in the current financial year for F.Y. 2017-18, and declare the same in Annual Return of F.Y. 2019-20.

Please clarify my view on this subject.

You cannot claim ITC now.


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