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rcm itc

ITC / Input 249 views 9 replies
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3 Points Posted on 17 September 2017
rcm amount paid ka input credit kab le sakte hai
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On 17 September 2017 at 00:50 Report
Replies (9)
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Consultant - GST
844 Points Posted on 17 September 2017

In terms of section 41 (1) of CGST Act, 2017 You can take the said credit in the same month in which the supply is received on provisional basis. However, RCM liability need to be paid in cash in terms of section 41(2) read with section 2(82)

2 Reply
On 17 September 2017 at 02:20
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Chartered Accountant
86505 Points Posted on 17 September 2017
As per reply on twitter by GST Deptt, ITC available when RCM is paid by registered person means if paid in same month then only allow.
814 Reply
On 17 September 2017 at 04:56
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Consultant - GST
844 Points Posted on 17 September 2017
Is there any legal validity of twittes by department mam...
2 Reply
On 17 September 2017 at 05:19
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"Do the Right Thing...!!!"
128147 Points Posted on 17 September 2017
As per my view.,
we can't get extra benefits for RCM related payments...
We only get the ITC as RCM related inwards and reflect in liability and Input....

(RCM related payments dealt as per "Depreciation & SB account Interest in Income Tax". The same rules on RCM)
So, we can't get extra benefits for RCM related payments.....
463 Reply
On 17 September 2017 at 07:46
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Chartered Accountant
86505 Points Posted on 17 September 2017
100% legal validity as date is also extended by cbec through twitter
814 Reply
On 17 September 2017 at 07:52
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Consultant - GST
844 Points Posted on 17 September 2017
Dear Mam, cbec had issued notification for date extension... Twitter is just a way of announcement.

I am asking that do these kind of twittes will supersede the law.

Legally there is no any bar on taking the credit in the month of receipt of supply) . (refer section 41 of cgst law)
2 Reply
On 17 September 2017 at 11:54
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Chartered Accountant
86505 Points Posted on 17 September 2017
Yes but what is said on twitter become law in some tym by gst deptt. So we have to follow them.
814 Reply
On 17 September 2017 at 13:33
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28 Points Posted on 17 September 2017
u can take the itc paid under rcm in same month
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On 17 September 2017 at 13:33
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Chartered Accountant
86505 Points Posted on 17 September 2017
It is also a gateway to directly solve queries of registered peraons.
814 Reply
On 17 September 2017 at 13:34


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