Can avail input same month on RCM paid
Query (Issue) Started By: – raja raja Dated:- 3-2-2018 Last Reply Date:- 5-2-2018 Goods and Services Tax – GST
Got 6 Replies
GST
Dear experts,
\nPlease guide me Aug month we have paid reverse charge , same month we can claim input.
\nThanks in advance
\nReply By SHIVKUMAR SHARMA:
\nThe Reply:
\nYes,You can avail the ITC of RCM in the same month after making the Cash payment of Tax Under RCM.
\nReply By KASTURI SETHI:
\nThe Reply:
\nSh.Sharma Ji,
\n Agree with you. There is no doubt. There was a lengthy discussion regarding whether ITC can be taken after crossing one month from the date of payment in cash or from the date of invoice under RCM. Do you remember ? If so, clear my doubt citing Rule etc.<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n aiming credit of input tax. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Can avail input same month on RCM paid Query (Issue) Started By: – raja raja Dated:- 3-2-2018 Last Reply Date:- 5-2-2018 Goods and Services Tax – GSTGot 6 RepliesGSTDear experts, Please guide me Aug month we have paid reverse charge , same month we can claim input. Thanks in advance Reply By SHIVKUMAR SHARMA: The … Continue reading “Can avail input same month on RCM paid”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10315","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/10315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10315"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/10315\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nIt is clear that by virtue of Rule 36(1) Invoice raised by the recipient is the eligible document for claiming credit of tax paid under RCM But rule also imposes condition for payment of tax.
\nNonetheless it is Inportant to note that in case of tax charged by the Supplier,the Tax invoice issued by the supplier is the eligible document for claiming credit.The claim of credit by the recipient ,in GSTR-2 is on provisional basis and gets finalised after matching of returns which is again subject to payment of tax by the supplier.
\nIn line with the above an argument can be taken that in case of tax under RCM,Invoice issued under section 31(3) (f) is the eligible document for claiming credit.The credit of tax payable <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n