RCM on Inward Supply

[Ashiesh Prremji]

Dear Sir,

Please suggest, if RCM on Inward Supply gst paid in 3B of FY 18-19 & claimed in 3B of FY 19-20 under RCM on Inward Supply . Whether this availing ITC on RCM on inward Supply in FY 19-20 have to report in Annual Return of FY 18-19 or 19-20 ?

Thanks!

[KASTURI SETHI]

It is to be mentioned in the Annual Return meant for the year 2019-20 .

[Ganeshan Kalyani]

Yes, it will be shown in FY 19-20

[Himansu Sekhar]

Please go through this press note

Government of India

Ministry of Finance

Department of Revenue

Central Board of Indirect Taxes and Customs

Press Release Clarification regarding Annual Returns and Reconciliation Statement

 

AI Summary

Reverse Charge Mechanism: ITC claimed in a later return must be reported in that corresponding annual return.
Input tax credit under the Reverse Charge Mechanism paid in an earlier period but claimed in GSTR 3B in a subsequent fiscal year must be reported in the annual return for the fiscal year in which the credit was actually claimed in GSTR 3B.