RCM Payment

RCM 2177 views 68 replies
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worker
64 Points Joined July 2014
kindly assist me
RCM Liability as on 30.09.2017 is rs 5000.00
deposited on 30.09.2017
Output gst on sale rs. 4500.00
now can I adjust rs. 4500 on 20.10.2017 as balance available in cash ledger is rs. 5000.00
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On 28 September 2017 at 07:54 Report
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
No....
You ll be pay the amount Rs 4500...
2 Reply
On 28 September 2017 at 08:05
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Chartered Accountant
86505 Points Joined April 2011
Yes you can adjust ITC of RCM paid from Output GST...
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On 28 September 2017 at 08:09
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
How is it possible CA Rashmi Gandhi...?!
He ll pay September transaction and also file September transaction on 20th October.....
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On 28 September 2017 at 08:17
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Consultant
1074 Points Joined October 2011
Yes it is possible. In same month you will take input tax credit of the RCM of Rs. 5000 paid in GSTR3B. That will go in your electronic credit ledger and can be used to offset output tax liability if Rs. 4500=00. And still balance of Rs. 500 will be there.
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On 28 September 2017 at 08:36
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
No way...
Also not available in GSTR 3B...
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On 28 September 2017 at 08:40
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Consultant
1074 Points Joined October 2011
With due respect before rejecting some one answer try it. I am saying something based on practical application and not just books.
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On 28 September 2017 at 08:48
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Chartered Accountant
86505 Points Joined April 2011
If RCM liability is paid then you can claim ITC of same......
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On 28 September 2017 at 08:49
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Chartered Accountant
86505 Points Joined April 2011
Agreed with Anshul Aggarwal

I also do it practically
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On 28 September 2017 at 08:49
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Consultant
1074 Points Joined October 2011
amit,
If you deposit your rcm liability anytime before 20.10.17 I.e. before filing return then also you are eligible for this tax adjustment.
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On 28 September 2017 at 08:51
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"Do the Right Thing...!!!"
128121 Points Joined January 2015

Okay Enjoy Mr. Anshul Agarwal for your practical knowledge. Also with CA Rashmi Gandhi's agreed..

i'm also enjoy my books knowledge...

 

But, Simply show here it your adjustments in GSTR 3b as Practically...

 

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On 28 September 2017 at 09:42
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
Originally posted by : anshul aggarwal
Yes it is possible. In same month you will take input tax credit of the RCM of Rs. 5000 paid in GSTR3B. That will go in your electronic credit ledger and can be used to offset output tax liability if Rs. 4500=00. And still balance of Rs. 500 will be there.

You ll show the PRACTICALLY adjustments here...

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On 28 September 2017 at 09:45
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"Do the Right Thing...!!!"
128121 Points Joined January 2015
Originally posted by : CA Rashmi Gandhi
Agreed with Anshul Aggarwal I also do it practically

You can show it practically...?

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On 28 September 2017 at 09:56
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Consultant
1074 Points Joined October 2011
so you still believe that it cannot be done.
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On 28 September 2017 at 09:58
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"Do the Right Thing...!!!"
128121 Points Joined January 2015

VERY TOO MUCH WORDS OF  'PRACTICALLY & JUST BOOKS"

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On 28 September 2017 at 09:58


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