9911796707
TMI BlogDelayed payment of RCMX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts we find that a few payments were made to transporters during the month of Oct'23, Feb'24 Mar'24, but the RCM was neither paid nor shown in 3B return. Can we pay now and take ITC. How to show in return. Thanks - Reply By Alkesh Jani - The Reply = Shri Please refer to Circular No. 211/5/2024-GST dated 26.06.2024. Hope this may be of your help. Thanks - Reply By Fahiyaz Ahmme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d - The Reply = Yes, you can as per recent clarification, but the problem was due to the contravention of the (time of supply Sec 12 ) (in-service -RCM - invoice within 61 days .....) Penalty will be paid ( Us 122 ) - Reply By Murari Agrawal - The Reply = I want to add that payments were made to transporters who were registered under GST and issued bills/receipts but did not upload the transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in their GSTR-1 and are not reflected in our 2A . - Reply By Fahiyaz Ahmmed - The Reply = 1st Scenario- If G.T.A (Goods Transport Agency) Collect the GST Amount from you, then there is no case of R.C.M Which Means GTA Opt for forward charge @12% Tell them the update In GSTR-1 and it reflected GSTR-2B , and you are eligible to take ITC (Oct 23 invoice- before 30th Nov 2024 Or annual return) Feb a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd march 2024 invoice take ITC before 30th Nov 2025 or annual return ) 2nd Scenario- If GTA Is Not Registered And GTA Opts For R.C.M then you must pay tax under R.C.M @5% (Self-Voice) and then take I.TC. but in these situations you may get penalise Us 122 due to the contravention of Sec 12 - Reply By Murari Agrawal - The Reply = Dear Mr Fahiyaz, Transporter is registered, GST No. is printed on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir bill, but they are not charging GST - Reply By Fahiyaz Ahmmed - The Reply = YOU SHOULD PAY GST UNDER RCM @5% BUT SEC 12 TIME OF SUPPLY BREACH, SO YOU GET PENALISE US 122 Time of supply in case of services In case of reverse charge, the time of supply shall be the earliest of the following dates: The date of payment The date immediately after 60 days from the date of issue of invoice by the unre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistered supplier The date of issue of the invoice by the recipient* - Delayed payment of RCM - Query Started By: - Murari Agrawal Dated:- 17-9-2024 Last Replied Date:- 17-9-2024 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
