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

Input Tax Credit on Reverse Charge for FY 2018-19 Supplies to be Reported in FY 2019-20 Annual Return. A query was raised regarding the reporting of Input Tax Credit (ITC) on Reverse Charge Mechanism (RCM) for inward supplies paid in the GST return for FY 2018-19 but claimed in FY 2019-20. The question was whether this should be reported in the Annual Return for FY 2018-19 or 2019-20. Responses indicated that it should be reported in the Annual Return for FY 2019-20. Additionally, a press release from the Ministry of Finance was referenced for further clarification on annual returns and reconciliation statements.