Goods and Services Tax – GST Dated:- 24-8-2024 – News – To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called RCM Liability/ITC Statement has been introduced on the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table 4A(2) and 4A(3) of GSTR-3B for a return period. This statement will be applicable from tax period August 2024 onwards for monthly filers and from the quarter, July-September-2024 period for quarterly filers. The RCM Liability/ITC Statement can be accessed using the navigation: Services Ledger RCM Liability/ITC Statement. Reportin
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table 3.1(d) of GSTR-3B , in such cases taxpayer will be needed to fill a negative value of such excess claimed ITC as RCM as opening balance in RCM Statement. In case taxpayer need to reclaim the RCM ITC, which was reversed in earlier tax periods through Table 4(B)2 of GSTR-3B , if eligible, he can reclaim such RCM ITC in Table 4A(5) of GSTR-3B . Please note that such RCM ITC shall not be reclaimed through Table 4(A)2 and 4(A)3 of GSTR-3B . Such RCM ITC reversal need not to be reported as RCM ITC opening balance. For Opening Balance pls reconcile till tax Period: Monthly filers: Report the opening balance considering RCM ITC till the July-2024 return period. Quarterly filers: Report the opening balance up to Q1 of FY 2024-25, considering
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