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revarcharge ITC

manoj kacha (133 Points)

28 January 2019

Is it reverscharge ITC available for same month or consecutive month ?

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2 Replies

Vinod Babu (24196 Points)
Replied 28 January 2019

Yes,You can avail the ITC of RCM in the same month after making the Cash payment of Tax Under RCM.

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durgesh (student) (222 Points)
Replied 29 January 2019

16. Eligibility and conditions for taking input tax credit.

[2] Notwithstanding anything contained in this section, no registered person shall be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless-

[a] he is in possession of a tax invoice or debit note issued by a supplier registered under this Act, or such other tax paying documents as may be prescribed;

16 2 a says that one should posses tax invoice for claiming credit

Now lets read tax invoice defination 31 2 f

Section 31 ...Tax invoice includes

[f] a registered person who is liable to pay tax under sub-section [3] or sub-section [4] of Section 9 shall issue an invoice in respect of goods or services or both received by him from the supplier

Section 9(4) is RCM defination so one can take credit at the time of invoice issued

Rule 36 of ITC also specifies

36. Documentary requirements and conditions for claiming input tax credit.-
(1)The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely,-

(a) an invoice issued by the supplier of goods or services or both in accordance with the provisions of section 31;

(b) an invoice issued in accordance with the provisions of clause (f) of subsection (3) of section 31, subject to payment of tax;

So one can take credit of RCM when paid