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RCM Payment

amit (worker) (64 Points)

28 September 2017

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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68 Replies

RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 28 September 2017

No....
You ll be pay the amount Rs 4500...

2 Like

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 28 September 2017

Yes you can adjust ITC of RCM paid from Output GST...

1 Like

RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 28 September 2017

How is it possible CA Rashmi Gandhi...?!
He ll pay September transaction and also file September transaction on 20th October.....

anshul aggarwal (Consultant) (1074 Points)
Replied 28 September 2017

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.

1 Like

RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 28 September 2017

No way...
Also not available in GSTR 3B...

anshul aggarwal (Consultant) (1074 Points)
Replied 28 September 2017

With due respect before rejecting some one answer try it. I am saying something based on practical application and not just books.

2 Like

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 28 September 2017

If RCM liability is paid then you can claim ITC of same......

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 28 September 2017

Agreed with Anshul Aggarwal

I also do it practically

3 Like

anshul aggarwal (Consultant) (1074 Points)
Replied 28 September 2017

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.

2 Like

RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 28 September 2017

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...

RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 28 September 2017

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.