Menu
RCM PAYMENT AND AVAILMENT OF CREDIT
Sir, with regard to the above subject, for the F.Y. 2019- 2020 can I pay RCM on Transportation service now and avail the credit now, kindly advice.
Replies (3)
Quick Summary
RCM can be paid but claim of ITC will not be allowed
It is a disputed one as section 16(4) comes in the way so ITC of RCM paid now of 2019-20 is unlikely to be available.
Hi Reddy,
Please check the time of supply and pay RCM liability along with interest. Please note that ITC can be claimed on the RCM paid, if it is eligible under GST. Here, it is ITC related to transportation so if it is rent a cab services then ITC is not eligible.
Trust this helps, If more clarifications required please write us at Bhavana @ lbkca.in, we will be happy to assist you.
Thanks,
Bhavana K L
Chartered Accountant
L B K & ASSOCIATES, Bangalore.
Please check the time of supply and pay RCM liability along with interest. Please note that ITC can be claimed on the RCM paid, if it is eligible under GST. Here, it is ITC related to transportation so if it is rent a cab services then ITC is not eligible.
Trust this helps, If more clarifications required please write us at Bhavana @ lbkca.in, we will be happy to assist you.
Thanks,
Bhavana K L
Chartered Accountant
L B K & ASSOCIATES, Bangalore.
Recent Topics :
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
- FAST DS 2026
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
Related Topics :
CAclubindia
