TaxTMI 
TaxTMI 
Belated RCM payment filing DRC 03 using ITC
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....elated RCM payment filing DRC 03 using ITC<br> Query (Issue) Started By: - ashwin bhat Dated:- 26-12-2024 Last Reply Date:- 26-12-2024 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>Namaskara....
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....m Tax Period 2019-20 Liability RCM (Transport charges Legal fees) Payment Year : 2024-25 Filing Document DRC 03 : Tax Component (RCM) Liability Paid using ITC in DRC 03 Interest paid by using Ca....
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....sh ledger in DRC 03 Is this acceptable ? Taxliability which is because of RCM previous years paid using ITC in DRC 03 Please guide Reply By KALLESHAMURTHY MURTHY: The Reply: Sir/Madam, As per sec....
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....tion 49(4) of the CGST Act 2017, ITC can only be used to pay output tax. Therefore tax under reverse charge shall be payable through cash only without availing the benefit of ITC. So, tax paid under ....
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....RCM is nothing but ITC misutilised, liable to be reversed and tax under RCM needs to be paid in cash along with interest for the further delayed period. This is only my personal view not to be constr....
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....ued as legal advice. Reply By Sadanand Bulbule: The Reply: Mr.Murthy, your opinion is correct. Reply By KALLESHAMURTHY MURTHY: The Reply: Sri Sadanand Bulbule Sir, Thank You very much for suppor....
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....ting my views.<br> Discussion Forum - Knowledge Sharing ....