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!
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. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
