Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

Input credit of gst paid on urd

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... If we have paid Rs.3,25,000 against our URD liability for the month of July-2017. again in the month of Aug-2017 we have fresh liability of ₹ 3,50,000/-against URD transactions. so how much tax payment should be done through challan in this month? ₹ 25000/-or ₹ 3,50,000/-? please advise. - Reply By Vamsi Krishna - The Reply = RCM shall be paid in cash can be utilis .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ed on payment of output liability. So in your case you need to dischrage 3,50,000 in cash ledger and can be utilised against output liability. - Reply By Mayuri Shete - The Reply = When we discharged our RCM liability of ₹ 3,25,000/-in July-2017, there was no output tax liability for July-2017. So how this credit will be utilized? - Reply By KASTURI SETHI - The Reply = The amount depos .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ited will remain intact if you have no output liability at present. You can utilize it next month or whenever your liability arises. Treat this amount as if lying in your bank account. - Reply By Rajagopalan Ranganathan - The Reply = Tax to be paid under RCM for July 2017 is to be paid before filing GSTR3 for the month of July 2017 and this return is to be filed on or before 20.8.2017. Since t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he date of filing of GSTR3 is being extended you have to pay the tax on or before 20.8.2017. If you pay the tax after 20.8.2017 you have to pay the tax along with interest. Similar is the case for the month of August 2017. The last date will be 20.9.2017. Whatever amount you pay through bank challan it will be reflected in your Electronic Cash Ledger. You can use this for payment of tax on su .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... pplies made by you at any time. There is no time limit for utilising the amount deposited in Electronic Cash ledger. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = I endorse the views of Shri Vamsi Krishna - Reply By Mayuri Shete - The Reply = We have discharged our RCM liability for July-2017 on 20.8.17 itself, filed GSTR3-B for July-2017. But then the amount is not reflecting in our E .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lectronic credit ledger. we paid the amount on 16.08.2017. it was reflecting in cash ledger on 20.08.2017.we filed GSTR3B . now cash ledger is showing zero balance credit ledger is showing the balance of ITC accrued through Inputs only. RCM liability that we cleared has not added anywhere. - Reply By KASTURI SETHI - The Reply = There is something wrong in checking the system properly. Do .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... you think balance amount should exist after payment of tax ? You may have committed mistake of debiting in cash in stead of ITC account. Pl. Do calculation again overall to arrive at correct amount due and paid in cash as well as credit account. - Reply By Vamsi Krishna - The Reply = Pls check your Liability ledger where in you can see.. RCM liability which we have accounted for against RCM .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... both sec, 9(3) 9(4). And after payment of the same through cash ledger, your liability shown above has been adjusted. Now you will have an option in GSTR-2 for credit. Pls wait till dead line of GSTR-1 . Once GSTR-2 window opens, the RCM liability that is paid shall be allowed and added to the input ledger. - Reply By Mayuri Shete - The Reply = @ Vamsi Krishna, checked liabi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lity ledger. RCM liability adjusted against cash. will wait till 10.10.17 for RCM payment done to be added in our credit ledger. Thanks to all the experts for this valuable information. - Reply By Ganeshan Kalyani - The Reply = There is a practise of paying reverse charge liability in cash and availing the credit in the same month. Since you had no liability in the month of July 2017 on sal .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... es, you paid GST in cash under reverse charge. You have liability in August 2017. You can claim the credit of the tax paid under reverse . - Reply By KASTURI SETHI - The Reply = Agree with Sh.Ganeshsan Kalyani Ji. - Reply By Mayuri Shete - The Reply = but since RCM liability cannot be adjusted against credit, seems no escape from paying tax whenever it arises. - Reply By KASTURI SETHI - The .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Reply = Under RCM first cash has to be deposited. Thereafter you can take ITC. - Input credit of gst paid on urd - Query Started By: - Mayuri Shete Dated:- 19-9-2017 Goods and Services Tax - GST - Got 13 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... MI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates