we are filling TRN-1 . So pl tell input credit agst RCM can taken in this month or to be claim in next month only.so i have to change return and another thing we have credit of cenvat appx 1 core and in vat no credit and C FORM collection due appx 4 crore out of 10 cores 2% sales , in this situation vat liability will be arise how much amt ,pl confirm when we are going to submit TRN1 whether we have to pay cash agst vat liability amount agst not recd of c form amount or it will be adjust agst cenvat.
With Regards,
N KROY
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Understanding Input Credit for Reverse Charge Mechanism (RCM) under GST: Immediate ITC Eligibility and VAT Implications A user inquired about claiming input credit against Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST) and the impact on VAT liability when submitting TRN-1. Responses clarified that RCM credit is available in the same month and need not be deferred. The discussion also addressed the need to pay cash for reverse charge liability and adjust the credit in the same month. It was emphasized that statutory forms should be filed correctly to benefit from credits against liabilities, and experts shared insights on the immediate eligibility of Input Tax Credit (ITC) under GST compared to the previous service tax regime. (AI Summary)
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