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Rcm on rent 2023-2024

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Sayed Nabil

386 Points Posted on 16 June 2024

in 2023-2024 not showing rcm on rent can we show and paid it to 2024-2025 and claim the input plese elebrate with section rcm and if not what will be the consequences

Replies (4)

Quick Summary

This discussion addresses the Reverse Charge Mechanism (RCM) for rent payments during the 2023-2024 financial year. It clarifies that if RCM on rent for 2023-24 was not shown but paid in 2024-25, input tax credit can still be claimed in the current financial year. However, interest will be due on the delayed payment of RCM liability. The discussion also prompts for clarification on the specific nature of the entity (company, firm, proprietorship, LLP) paying rent under RCM, as not all rental payments fall under this mechanism.

shruti sharma

54 Points Posted on 16 June 2024

Yes, you will discharge the tax liabilities as well as claim the ITC in this financial year. Additionally, you remember one thing if you have paid the liability for FY-23-24 in FY 24-25 you have also needed to discharge the interest amount on delayed reporting the RCM liability.