THERE IS AN ORDER TO DISCHARGE RCM ON ROYALTY, FOR WHICH WE PREFERRED APPEAL, TO AVAIL THE BENEFIT OF AMNESTY SCHME WE HAVE TO PAY THE RCM IN DRC-03. iS IT CORRECT?
CAN I UTLISE THE RCM PAID UNDER DRC-03 ON FUTURE OUTPUT TAX?
OTHERWISE ANY OTHE WAY OUT?
KINDLY GUIDE ME SIR.
RCM Payments Under DRC-03: Usage in GST Amnesty Scheme and Adjustments Explained with SPL-02 Insights A forum participant inquired about utilizing Reverse Charge Mechanism (RCM) payments made under DRC-03 for an amnesty scheme related to GST on royalties. Several responses clarified that payments through DRC-03 can be adjusted against liabilities if acknowledged by the department. However, once acknowledged, these payments cannot be used for other liabilities. Unacknowledged DRC-03 payments can be used for the amnesty scheme under SPL-02. Participants emphasized the importance of paying RCM demands in cash and noted that the government is not registered under GST, requiring self-invoicing for credit claims. (AI Summary)
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