RCM on Cha service.

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accountant
454 Points Joined July 2013
we have received a transport service Invoice from CHA.

Tax paid by the recipient under RCM mention on invoice.

CHA others services charge GST on his invoices.

can we pay RCM tax of FY 2023 invoices in current month.
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On 14 September 2024 at 17:50 Report
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Master in Accounts & high court Advocate
9434 Points Joined December 2011

Yes, you can pay the RCM (Reverse Charge Mechanism) tax for FY 2023 invoices in the current month. However, please note the following: 1. _Check the due date_: Ensure you're within the allowed time frame for paying RCM tax. Typically, it's the same as the due date for filing GSTR-3B (usually the 20th of the next month). 2. _Interest and penalties_: If you're delayed in paying RCM tax, you might incur interest and penalties. Check the GST Act and relevant notifications for details. 3. _Invoice details_: Verify the invoice received from CHA contains all required details, including the GSTIN, invoice number, date, and tax amount. 4. _RCM tax calculation_: Ensure the RCM tax calculated is correct, as per the GST rates applicable for the transport service. 5. _Payment and reporting_: Pay the RCM tax using the correct payment challan (usually PMT-06) and report it in your GSTR-3B return for the relevant month.. Remember, it's essential to adhere to GST regulations and timelines to avoid any potential issues or penalties.

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On 16 September 2024 at 14:32


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