Implications of paying RCM using CENVAT Credit

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..... Implications of paying RCM using CENVAT Credit
Query (Issue) Started By: - Ankush Chattopadhyay Dated:- 21-3-2018 Last Reply Date:- 26-3-2018 Goods and Services Tax - GST
Got 5 Replies
GST

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..... r>It is my understanding that RCM needs to be paid/settled using hard money, cash, and not paid/adjusted using CENVAT Credit. But what are the implications in a situation/scenario where it has alread .....

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..... y been paid/adjusted using CENVAT Credit. Thank you in advance, Ankush. Reply By KASTURI SETHI: The Reply: That is an offence and wrongly used ITC and hence will attract interest and penalty. Depo .....

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..... sit now in cash and save interest and intimate the department showing bona fide mistake. The Department may have lenient view if it is proved that you have acted in a bona fide manner. Reply By MARIA .....

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..... PPAN GOVINDARAJAN: The Reply: RCM payment should be paid only in cash. No credit should be utilized for payment of RCM. If you have paid wrongly pay the amount along with interest and inform the same .....

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..... to the Department. Reply By Alkesh Jani: The Reply: Sir, It is request to please furnish the Authority that RCM is required to be paid in CASH. For my knowledge purpose. with Regards Reply By KAS .....

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..... TURI SETHI: The Reply: Read Section 49(4) with Section 2(82) of CGST Act, 2017. Reply By Alkesh Jani: The Reply: Sir, Thanks for the Information.
Discussion Forum - Knowledge Sharing .....

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