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ITC on royalty paid through RCM
Can we claim input tax credit on royalty paid by RCM??
Replies (5)
Yes we can claim ITC.
Yes ,you can .........in .term of definition provided in section .2(62) & (63) for input tax & input tax credit
Sorry sir but,
if the rcm is paid by the publisher for royalty payments made to author of books then ITC is not available since books are exempt from GST, and ITC cannot b claimed on exempt supply.
if the rcm is paid by the publisher for royalty payments made to author of books then ITC is not available since books are exempt from GST, and ITC cannot b claimed on exempt supply.
DEAR JEETU
THE QUERY WAS "RCM ON ROYALTY" YOU DID NOT DEFINE THE ROYALTY PAID IN RESPECT TO WHOM. IE THE ROYALTY ALSO PAID IN MINING.
ANYWAY, YES YOU ARE CORRECT, IN TERM OF SECTION 17(2) OF CGST ACT NEED TO REVERSE, BUT YOU HAVE TO PASS 2 ENTRIES FOR SAME . FIRST REPORT IN TABLE 4(A)(5) AS INPUT & AT THE SAME TIME NEED TO SHOW REVERSAL IN TABLE 4(B) OF GSTR 3B
Yes,
thanks sir for your valuable feedback.
thanks sir for your valuable feedback.
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