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RCM exchange rate difference

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nayab

Sr.Officer Accounts

250 Points Posted on 16 February 2021

Dear Team
i received import service RCM invoice on 30.09.20 based on that day exchange rate Rs.71/- i paid RCM to Govt .

but I booked that invoice in my books in 01.10.20
that time exchange rate is Rs.72/-.

Now can i pay RCM again that difference of exchange value ?

kindly suggest

Replies (3)

Quick Summary

This discussion addresses a query about paying Reverse Charge Mechanism (RCM) on import services when there's an exchange rate difference between the invoice date and the booking date. The consensus suggests booking the invoice on the same date the RCM is paid to avoid such discrepancies. This ensures consistency and prevents potential issues with double payments or incorrect accounting.