GST Annual Return

[VIGNESH]

Sir kindly clarify

1. RCM on freight of Financial year 2019-2020 paid in 2020-21 and ITC claimed in 2020-21 is this Correct?

2. IF yes , should i show the same in PT.V of Sr.No.13 in GSTR 9 (Particulars of transactions for the financial year declared in the returns of the next financial year till the specified period)

[Ganeshan Kalyani]

Sir, in my view you can show the transaction as if it is of 2020-21. I remember there was a clarification issued in this regard.

[Shilpi Jain]

If it is a case of issue of self invoice then you can take credit in 20-21 and show it as a transaction of 20-21 itself in GSTR-9

[KASTURI SETHI]

I agree with both experts.

AI Summary

Reverse charge on freight: treat RCM paid and ITC claimed in the later year as belonging to that year for annual return reporting. The query concerns whether RCM on freight from a prior financial year, paid and ITC claimed in the next financial year, can be shown as a transaction of the year in which payment and claim occur; respondents advise it may be reported in that later year, and where credit follows issuance of a self invoice the credit can be taken and shown in that year's annual return under particulars for transactions declared in returns of the next financial year.