Hi,
Under GST, input of RCM can be taken in the month of entry or in the month of payment?
Also, above rule will be applicabe for both service and supply?
Thanks
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Under gst, at what time input of rcm can be taken?
Replies (5)
ITC of rcm can be adjusted in the same month but only against net liability.
it can not be set off against itc.
means u have to pay tax atleast whuch is under rcm
means u have to pay tax atleast whuch is under rcm
Off course, payment of tax is done. Now, we can take input on the month in which entry was passed. Right?
Proof of payment arises only after filing monthly return. viz., output tax - itc if negative pay RCM by cash and make appropriations in gstr 3b or 3 as the case may be. After filing of the above returns, it becomes conclusive proof RCM paid in cash. So practically, ITC on RCM possible only in the next month
sir please send me section reference...
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