TaxTMI 
TaxTMI 
TaxTMI 
RCM payment from UR and Registered suppliers 2B Vs books
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....CM payment from UR and Registered suppliers 2B Vs books<br> Query (Issue) Started By: - Govinda Raju Dated:- 17-1-2022 Last Reply Date:- 24-1-2022 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>HI, Further to Notification number 40/2021, RCM reflecting in GSTR-2B only to be considered for books and liability to be discharged. clarification is being sought as URD transporter value will n....
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....ot be reflected in GSTR-2B but we will be accounting an creating liability in books. which value to be shown in our GSTR-3B as per 2B or as per books i.e. 2B values + URD transporter or URD suppliers values which is liable to RCM Reply By KASTURI SETHI: The Reply: (1) A registered person who pays GST under RCM is deemed service supplier. He is not actual supplier. He is actual receiver. If tran....
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....sport services are received from un-registered person, self-invoice will be raised and uploaded on the Common Portal by the service recipient (deemed service provider). Thereafter, tax paid (ITC to be claimed) will be reflected in GSTR 2B. (2) A registered person paying tax under RCM has nothing to do with sale value of supplier. The value of the goods or services so received by the recipient und....
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....er RCM has to be accounted for in the books of account of the supplier. (3) There will be no mismatch as value will be shown under the column of RCM by the recipient in his GSTR 3B return. Reply By Ganeshan Kalyani: The Reply: Only ITC is restricted as per GSTR-2B and not the liability. RCM liability to be accounted in books as per actual transaction and accordingly tax to be paid thru GSTR-3B.....
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.... Also, ITC on purchase from registered dealer under forward charge is required to be ensured that it appears in GSTR-2B. The condition does not specifies for RCM. So RCM continues to be paid and ITC of the same be claimed as per books. Reply By Shilpi Jain: The Reply: Agree.. GSTR-2B is now used for checking ITC availing... This is not to govern the RCM liability.. mere non appearance in gstr2b ....
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....cannot lead to a situation of no liability Reply By Shilpi Jain: The Reply: Also the self invoice need not be presently reported in GSTR-1 by the recipient. So this will need t appear in GSTR-2B.. So in GSTR-3B show liability as per booksB Reply By CAHemanth Kumar: The Reply: Irrespective of what it appears in GSTR-2B, RCM needs to be paid as per books and once we edit RCM liabilities in auto....
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.... populated GSTR-3B, it may give u a warning red indication, we need to keep details/reasons for the same. We may not know when dept will issue a sudden notice for system computed difference .<br> Discussion Forum - Knowledge Sharing ....