We are exempt service providers.
However the only liability we have is for paying GST under reversecharge for certain services.
We have wrongly deposited excess amount under reverse charge.
As we are exempt, we are also ineligible for claiming ITC.
Kindly assist how to adjust the excess GST paid under RCM against future
liability.
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GST wrongly deposited under RCM
Replies (6)
Quick Summary
Take refund
If you expect any future liability under RCM, you may use this credit to discharge such liability.
@ CMA poornima, please suggest how shall i use this credit.
where in my GSTR3B shall i show this.
because the tax deposited was already utilised and shown under 3.1.d under GSTR3B.
There is no balance in my electronic cash ledger.
where in my GSTR3B shall i show this.
because the tax deposited was already utilised and shown under 3.1.d under GSTR3B.
There is no balance in my electronic cash ledger.
Oh! This was not specified in the query I think.
In this case, see if you can amend this transmission in the subsequent return so as to maintain the balance in the cash ledger.
I will reframe my query again
we are exempt service providers and therefore we cannot claim any ITC.
However we are subject to Rcm on certain services availed by us. in that case too we cannot claim and utilise ITC of tax paid under reverse charge.
what happened is in one of the month we wrongly mentioned in our GSTR3B in 3.1.d column an amount of tax subject to reverse charge and deposited the same in cash.
On further examination, it was observed that such service is not subject to reverse charge and tax was erroneously paid under rcm.
since the amount is huge, how are we supposed to correct this.
we are exempt service providers and therefore we cannot claim any ITC.
However we are subject to Rcm on certain services availed by us. in that case too we cannot claim and utilise ITC of tax paid under reverse charge.
what happened is in one of the month we wrongly mentioned in our GSTR3B in 3.1.d column an amount of tax subject to reverse charge and deposited the same in cash.
On further examination, it was observed that such service is not subject to reverse charge and tax was erroneously paid under rcm.
since the amount is huge, how are we supposed to correct this.
Claim refund.......
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