ITC on RCM

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..... ITC on RCM
Query (Issue) Started By: - VishnuPriya R Dated:- 7-7-2024 Last Reply Date:- 22-7-2024 Goods and Services Tax - GST
Got 4 Replies
GST
As per latest Circular 211/8/2024, they have clarified that the time limit for availing ITC for RCM paid for unregistered person is the financial year in which self invoicing is raised. Can this be applied for the RCM paid on inward supplies .....

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..... received from registered person also. For example- The supplier is registered and files the outward supplies as "Supply attracts RCM", then it refleted in GSTR 2B. But however taxpayer paid in CGST and SGST instead of IGST for a particular supply in FY 2020-21. Now in FY 2024-25 department finds out the mistake and demands the IGST but without interest u/s. 77 but with penalty. Can thi .....

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..... s IGST paid under RCM be availed as ITC in the year of payment? Any solutions. Thanks in advance Reply By Shilpi Jain: The Reply: In case of registered person, the date of issue of invoice by supplier will be the relevant date. The clarification given will not apply. Reply By Shilpi Jain: The Reply: Wrong tax payment by supplier should not affect your ITC claim initially (if claimed). So in c .....

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..... ase you had initially claimed C + S then dept cannot deny that credit now stating it is wrong tax payment. Reply By Ganeshan Kalyani: The Reply: Circular 211/8/2024 is not applicable to RCM paid on inward supply from registered supplier. Reply By Padmanathan Kollengode: The Reply: You should stress more on the aspect of revenue neutrality.
Discussion Forum - Knowledge Sharing .....

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