Hello,
I had freight inwards during financial year 2017-18 of Rs. 105000
2018-19 Rs. 175000
2019-20 Rs. 15000
However i didnt pay any RCM on it.
So can i do anything now for it?
and what is the rate of tax on RCM on freight?
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RCM under GTA not paid for f.y 2017-18, 2018-19 and 2019-20
Replies (7)
Quick Summary
| Originally posted by : ADNAN HUSSAIN | ||
 |
Hello, I had freight inwards during financial year 2017-18 of Rs. 105000 2018-19 Rs. 175000 2019-20 Rs. 15000 However i didnt pay any RCM on it. So can i do anything now for it? and what is the rate of tax on RCM on freight? |
 |
You Pay RCM tax @ 5% with Interest
So can i take the input for the same????
| Originally posted by : ADNAN HUSSAIN | ||
|
So can i take the input for the same???? | |
Yes You Can Take ITC
How can he take credit for F.Y. 17-18 and 18-19?
RCM for FY 2017-18 & 2018-19 will be your cost. For FY 2019-20, pay the RCM & take credit. Interest should be paid for all years
I agree with Amit Joshi. You cannot claim input for tax paid on RCM for FY 17-18 and 18-19 as the due date for claiming input for those years have passed. However you can claim ITC for FY 19-20.
okay... what if i ignore the f.y 2017-18 and 2018-19 and just pay for f.y 2019-20 and claim input for the same?
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