Celebrate Freedom with 20% OFF on CAclubindia Pro Subscription. Use Code: FREEDOM20

ITC of RCM LIABILITY PAID in GST Annual Return

RCM 529 views 2 replies

Satish Kavitake

395 Points Joined January 2018

Sir

If we have paid RCM GST Liability for FY 2023-24 through DRC 03 in GST annual Return 9 and 9C of FY 2023-24

How can we claim ITC of such liability paid

Replies (2)

Rama chary Rachakonda

Master in Accounts & high court Advocate

8996 Points Joined December 2011

To claim Input Tax Credit (ITC) for Reverse Charge Mechanism (RCM) GST liability paid through DRC-03 in GST Annual Return 9 and 9C for FY 2023-24:

Steps to Claim ITC: 1. *Verify GSTR-2A/2B*: Check your GSTR-2A/2B for the relevant period to ensure the RCM liability is reflected.

2. *File GSTR-3B*: In the GSTR-3B return for the month in which the RCM liability was paid, report the ITC claim in Table 4(A) (5) - "ITC claimed on RCM liabilities".

3. *Claim ITC in GSTR-3B*: In the GSTR-3B return, claim the ITC for the RCM liability paid through DRC-03. Ensure the ITC claimed does not exceed the RCM liability paid.

4. *Maintain Records*: Keep records of the RCM liability paid, ITC claimed, and supporting documents, such as invoices and payment receipts.

Important Points: 1. *Eligibility*: Ensure you are eligible to claim ITC on RCM liabilities.

2. *Time Limit*: Claim ITC within the stipulated time limit, i.e., before filing the annual return (GSTR-9/9C) or within six months from the date of payment, whichever is earlier.

3. *Supporting Documents*: Maintain supporting documents, such as invoices and payment receipts, to substantiate the ITC claim.

Libissa

Accountant

333 Points Joined April 2018

Sir paid the RCM in 23.12.24 in GSTR - 9 & 9C - Now 23-24 ITC Deadline is over on 30.11.24 can we calim in that 23-24 Paid RCM in 24-25 GSTR -3B of Dec 24 as ITC

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register

Recent Threads

More recent discussions | Post

Related Threads