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RCM of July paid in August, credit input in july or August

SANDEEP JAIN (Tax Consultant) (487 Points)

17 August 2017

Please be advised

RCM charged on rent in the month of July but paid in the month of August

should I take credit of RCM in the month of July or in the month of August

please give clarification

warm regards

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7 Replies

Neha Jain (Chartered Accountant) (1085 Points)
Replied 17 August 2017

RCM liability of july will be paid in cash to govt in august month.... after that you can claim ITC of that

NAGESWARAN (ACCOUNTANT) (834 Points)
Replied 17 August 2017

only cash? netbanking or neft payment are not acceptable

1 Like

SANDEEP JAIN (Tax Consultant) (487 Points)
Replied 17 August 2017

yup

but my question is shall i take the credit in the month of july or in the month of august

as RCM of july paid in august. liability shown in july, but GST paid in august

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 17 August 2017

See, here ITC is available once you paid the RCM to the Govt.

If RCM paid to Govt. in 20th Aug 2017 of the outstanding amount of July 2017. the ITC is available in the month of Aug 2017.

1 Like

SANDEEP JAIN (Tax Consultant) (487 Points)
Replied 17 August 2017

thanks a lot 🙏🙏🙏

Kapil Porwal (4 Points)
Replied 17 October 2017

can claim the credit of such RCM liability in the same month of return, and you have to show it in both columns i.e. 3.1 (d) and 4 (A) (3) of GSTR-3B.