I T C On reverse charges
ARVIND (ACCOUNTANT) (131 Points)
17 April 2020
sir, I have paid freight f. y 2017-18 but tax paid on rcm dated 17.04.2020 then itc claim on reverse charge
5 Replies
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 17 April 2020
Yes can be claimed .
In term of press released in context to reporting of RCM transaction in annual return is done in year when it is deposited & ITC being claimed.
Note ; Need to deposit with Interest @ 18%
In term of press released in context to reporting of RCM transaction in annual return is done in year when it is deposited & ITC being claimed.
Note ; Need to deposit with Interest @ 18%
CA Sachin M Jain
(CA | GST | Refunds | Advisory | Litigati)
(1463 Points)
Replied 18 April 2020
Yes, @ Advind you can the RCM ITC in the period in which you have paid the GST.
Further clarification contact - CA SACHIN M JAIN | 8097515447 | casachinmjain @ gmail.com
Further clarification contact - CA SACHIN M JAIN | 8097515447 | casachinmjain @ gmail.com
Rajkumar Patel
(602 Points)
Replied 18 April 2020
I have one question on Your replay SIR.
Fir f.y 2017-18 for ITC on rcm to be obtained
Last date of claim ITC for relevant F.Y. is 20/10/2018
that last date has been gone.
in above condition, on which condition or ground we can claim the ITC RCM
Fir f.y 2017-18 for ITC on rcm to be obtained
Last date of claim ITC for relevant F.Y. is 20/10/2018
that last date has been gone.
in above condition, on which condition or ground we can claim the ITC RCM
CA Sachin M Jain
(CA | GST | Refunds | Advisory | Litigati)
(1463 Points)
Replied 18 April 2020
@ Rajkumar Patel
As in the main query, Taxpayer has paid RCM in April 2020 reason why he can claim the ITC.
This is not specifically in law.
However, if he would had made the payment in 2017-18 then Yes you would not be able to claim that ITC now.
Further clarification contact - CA SACHIN M JAIN | 8097515447 | casachinmjain @ gmail.com
As in the main query, Taxpayer has paid RCM in April 2020 reason why he can claim the ITC.
This is not specifically in law.
However, if he would had made the payment in 2017-18 then Yes you would not be able to claim that ITC now.
Further clarification contact - CA SACHIN M JAIN | 8097515447 | casachinmjain @ gmail.com
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