<h1>New GST Portal Feature Enhances RCM Transaction Reporting for Monthly and Quarterly Filers, Improving Accuracy and Transparency.</h1> A new RCM Liability/ITC Statement has been introduced on the GST Portal to help taxpayers accurately report Reverse Charge Mechanism (RCM) transactions. This statement captures RCM liability and corresponding Input Tax Credit (ITC) for a return period, applicable from August 2024 for monthly filers and the July-September 2024 quarter for quarterly filers. Taxpayers can report opening balances and rectify errors in their declarations until specified deadlines. The statement aims to improve transparency and accuracy in RCM transactions, with specific guidelines for reporting excess liabilities or ITC claims. Amendments to the opening balance are allowed until November 30, 2024.