Inward Reverse supply from Registered dealer which column to show in GSTR 1.
Note: tax paid by registered dealer (opposite party) in way of RCM
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RCM in GSTR 1
Replies (7)
Quick Summary
The supplier has to report in table 4b of Gstr1 outward supplies attracting tax on reverse charge basis
and the recipient has to report in table 3.1 (D) of gstr 3b inward supplies liable to reverse charges
and the recipient has to report in table 3.1 (D) of gstr 3b inward supplies liable to reverse charges
Who is liable to pay ? receipient?
Incase of Reverse Charge Mechanism ( RCM ), the Recipient is required to pay the tax and thereafter claim the ITC on it ( if eligible ).
Same in case if GTA
Receptient not required to report RCM transaction in GSTR 1
But GTA people demanding to report in GSTR1 in order to claim ITC
WATS THE TREATMENT IF THE RCM EXPENSES IS A FOREIGN REMITTENCE- RCM ON THAT, WHERE TO SHOW IN GSTR - 1 - IN 3B WE WILL DECLARE IN 3.1 TABLE, BUT IN GSTR -1 WHERE SUCH EXPENSES TO BE SHOWN - ESPECIALLY FOREIGN PROF. CHARGES EXPENSES
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