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ITC when Seller provides sevices on RCM basis


Priyanka (Chartered accountant)     20 September 2020

Priyanka
Chartered accountant 
 14 likes  334 points

| My Other Post

Hello

One of my client is GTA providing services on RCM. While filing 3B there is no GST liability and no ITC set off is taken. however can we accumulate GST paid by company on various revenue and capital expenditures while filing GSTR 3B ? so that it has got reflected in ITC ledger on GST portal over the period. is it allowed to accumulate ITC while providing services which are exempt or on RCM basis ? can we utilize such accumulated ITC balance in future on proportionate basis company provides any taxable service ?
kindly Guide. Thank you

avater

Sagar Patel (Tax and Business Consultant)     20 September 2020

Sagar Patel
Tax and Business Consultant 
 996 likes  11146 points

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If You Client is GTA...and Providing all Services under RCM basic i.e 5% without ITC, than he can not take ITC of any Goods or service at all...

avater

CA Sachin Jain (Practicing CA)     21 September 2020

CA Sachin Jain
Practicing CA 
 11 likes  213 points

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When the outward supplies are liable to RCM, the supplier cannot claim any ITC.
Refer -
Section 17 & 18
Rule 42 & 43


For further clarification contact CA SACHIN M JAIN
Mobile : 8097515447
WhatsApp : tinyurl.com/wCASMJ
Email : casachinmjain @ gmail.com
LinkedIn : tinyurl.com/LCASMJ
YouTube : tinyurl.com/YCASMJ
Twitter : tinyurl.com/TCASMJ


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