LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

RCM Excess paid - how to rectify

E.KALAIKOVAN (Sr. Accounts Manager ) (339 Points)

29 June 2022

RCM MRS is wrongly calculated @ 18%. Updated in GSTR3B and RCM paid in FY 21-22.

Now how to rectify the the RCM Excess paid 13% (18%-5%)

Reply
Follow
Share

2 Replies

CA. ANKIT PANDYA (CA) (682 Points)
Replied 29 June 2022

Payment made by you will be sitting in your electronic cash ledger.

While filing GSTR3B return, please enter correct amount of tax liability, at the time of settlement, system will sett-off the correct liability amount and balance will continue to remain in your cash ledger. this you can utilize for future payments in next months return.

In case GSTR3B is already filed with same amount (18%), then you might have already taken ITC against it and nothing can be done.

1 Like

E.KALAIKOVAN (Sr. Accounts Manager ) (339 Points)
Replied 29 June 2022

We have ECL. But RCM are to be paid and Credit may taken.

We have paid Excess RCM and the same amount credit is taken.

This year also RCM MRS is coming nearly 1.50 crs. Management questioning we have more ECL, Exces RCM is paid. Revise the RCM and utilise the excess RCM in current year RCM-MRS.

We have given explanation excess paid is utilised. Hence need not to revise. This year RCM-MRS we have to pay.

Management asking rectify them in GSTR9 and utilise the Excess RCM paid in Current year RCM-MRS.

Is there any to way to adjust Current year RCM MRS payable.

Thank you