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RCM payable in freight charges missing

sivasrini (staff) (45 Points)

30 December 2020

RCM payable not declared in GSTR-3B for the FY 2018-19, how to declare in annual return GSTR 9 FY 2018-19. Kindly tell any body solution

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4 Replies

narendra (Accountant) (275 Points)
Replied 30 December 2020

RCM liability not declared, that means same is not paid and therefore it's ITC also not availed in 18-19.

Assuming you reported above liability, paid the same and availed it's ITC in next year 19-20, you have to show all this in 19-20's GSTR-9 (it's reporting is Not to be done in 18-19 GSTR-9).

MAYANC HAVELIWALA (18 Points)
Replied 30 December 2020

Interest is calculate on RCM ? IF yes at what percentage??

narendra (Accountant) (275 Points)
Replied 30 December 2020

If expense attracting reverse charge was booked in an earlier month and rev chg liability was not declared in that month then yes, you need to pay 18% interest.