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WHEN CAN ONE TAKE ITC FOR RCM CASES?

Goods and Services Tax - GST - By: - Shripada Hegde - Dated:- 19-8-2017 Last Replied Date:- 27-10-2017 - Claiming Input Tax Credit not violating the provisions of GST Act is very much important as wrongly availing ITC would result in interest and penalty implications. At the same time it is also important that the ITC is availed and utilized without delay, failing which working capital may get impacted negatively. Keeping this in mind, this article intends to analyse the time at which one can ta .....

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ch other tax paying documents as may be prescribed; he has received the goods or services or both. Explanation - For the purposes of this clause, it shall be deemed that the registered person has received the goods, where the goods are delivered by the supplier to a recipient or any other person on the direction of such registered person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to goods or otherwise; subject to .....

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rescribed. Said such other documents have been prescribed in Rule 36 of CGST Rules. List of documents as per Rule 36 are as follows an invoice issued by the supplier of goods or services or both in accordance with the provisions of section 31 an invoice issued in accordance with the provisions of clause (f) of sub-section (3) of section 31, subject to the payment of tax a debit note issued by a supplier in accordance with the provisions of section 34 a bill of entry or any similar document presc .....

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, wherein Payment Challan was the document on which credit could have been taken, ITC is allowed based on the URD Purchase Invoice. The invoice would be available in the month in which the purchase or expense is paid. Further, we have to note that the said document would become invalid if the dealer fails to pay the amount of tax subsequently. Further through condition (c) credit would be allowed only if the tax amount has been paid to the government. However, the said condition is subject to Se .....

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curred. Hence, one may come to a conclusion, based on the above discussion, that ITC for RCM cases can be availed in the same month in which inward supply is received. - Reply By somayajulu csjr - The Reply = By means of which GST form can this self assessed RCM tax paid in cash can be claimed as ITC? GSTR-1 Offline Tool includes Business to Business (B2B), Business to Consumer inter-state for amount exceeding ₹ 2.5 Lakhs (B2CL), Business to Consumer less than ₹ 2.5 Lakhs (B2CS), Exp .....

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