{"id":10025,"date":"2024-08-24T07:31:34","date_gmt":"2024-08-24T06:31:34","guid":{"rendered":"https:\/\/www.klickongstworld.com\/blog\/?p=10025"},"modified":"2024-08-24T07:32:35","modified_gmt":"2024-08-24T06:32:35","slug":"introduction-of-rcm-liability-itc-statement","status":"publish","type":"post","link":"https:\/\/www.klickongstworld.com\/blog\/introduction-of-rcm-liability-itc-statement\/","title":{"rendered":"Introduction of RCM Liability\/ITC Statement"},"content":{"rendered":"

GSTN has introduced <\/strong>RCM Liability\/ITC Statement on 23.08.2024.\n <\/p>\n

To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called "RCM Liability\/ITC Statement"<\/em> has been introduced on the GST Portal. \n <\/p>\n

This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table 4A(2) and 4A(3) of GSTR-3B for a return period. This statement will be applicable from tax period August 2024<\/em> onwards for monthly filers and from the quarter, July-September-2024<\/em> period for quarterly filers. The RCM Liability\/ITC Statement can be accessed using the navigation: Services >> Ledger >> RCM Liability\/ITC Statement.<\/em>\n <\/p>\n

Reporting Opening Balance in RCM ITC Statement.<\/strong> \n <\/p>\n

RCM ITC opening balance can be reported by following below navigation:\n<\/p>\n

Login >> Report RCM ITC Opening Balance or Services >> Ledger >> RCM Liability\/ITC Statement >> Report RCM ITC Opening Balance<\/em>\n <\/p>\n

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    \n
  • In case the taxpayers have already paid excess RCM liabilities by declaring the same in Table 3.1(d) of GSTR-3B however he hasn’t availed corresponding ITC through Table 4(A)2 or 4(A)3 of GSTR-3B, due to any reason, in such cases taxpayer need to fill Positive value of such excess paid liability as RCM ITC as opening balance in RCM statement.\n <\/li>\n
  • In case the taxpayers have already availed excess RCM ITC through Table in Table 4(A)2 or 4(A)3 of GSTR-3B however he hasn’t paid corresponding liability by declaring the same in table 3.1(d) of GSTR-3B, in such cases taxpayer will be needed to fill a negative value of such excess claimed ITC as RCM as opening balance in RCM Statement.\n <\/li>\n
  • In case taxpayer need to reclaim the RCM ITC, which was reversed in earlier tax periods through Table 4(B)2 of GSTR-3B, if eligible, he can reclaim such RCM ITC in Table 4A(5) of GSTR-3B. Please note that such RCM ITC shall not be reclaimed through Table 4(A)2 and 4(A)3 of GSTR-3B. Such RCM ITC reversal need not to be reported as RCM ITC opening balance.\n <\/li>\n<\/ul>\n<\/div>\n

    For Opening Balance pls reconcile till tax Period:<\/strong> \n<\/p>\n

    \n
      \n
    • Monthly filers: <\/strong>Report the opening balance considering RCM ITC till the July-2024 return period.\n <\/li>\n
    • Quarterly filers: <\/strong>Report the opening balance up to Q1 of FY 2024-25, considering RCM ITC till the April-June, 2024 return period.<\/li>\n
    • Deadline to declare Opening Balance: <\/strong>Opening balance can be declared till 31.10.2024.<\/li>\n
    • Amendments in Opening Balance: <\/strong>Taxpayers can rectify any errors committed while declaring the opening balance on or before 30.11.2024, he shall be provided three opportunities for the same.\n <\/li>\n<\/ul>\n<\/div>\n

      This amendment facility shall be discontinued after 30.11.2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

      2024\/08\/24-08-02.png<\/p>\n","protected":false},"author":1,"featured_media":10026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/10025"}],"collection":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/comments?post=10025"}],"version-history":[{"count":2,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/10025\/revisions"}],"predecessor-version":[{"id":10028,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/10025\/revisions\/10028"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/media\/10026"}],"wp:attachment":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/media?parent=10025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/categories?post=10025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/tags?post=10025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}