Updated GST 3B Payment and Offset Liability with carry forward ITC- Calculator

This excel sheet has been updated with functionality for carry forward of ITC .

Many People are getting confused over treatment of RCM in the Excel Sheet.

RCM in Simple terms means to Pay tax and claim the input in the same month this is bifurcated in two groups.

Expenses/Purchase From a Unregistered dealers.

These expenses are incurred or paid to unregistered dealers like Rent Subject to the Exemption of Rs. 5000/- Per day.

Expenses that Require compulsory Reverse charge.

These Expenses require us to pay tax Compulsorily as there is Exemption For the same like Lorry Freight Giving Consignment Note, Lawyer Services Etc.

If an Assessee pays GST on behalf of an unregistered supplier/SSI/exempted unit, will he be able to take Input Tax Credit of the GST paid on reverse charge basis ?

Yes, input tax credit of tax paid on reverse charge basis by the recipient is allowed to the recipient and the credit can be taken even in the same month.

Thus RCM is available in month when the expense was Incurred Subject to RCM paid Ineligible Commodities given in Sec 17(5) of CGST Act.

Same is not been Included in Excel Sheet.

Rajat Solanki

rajatsolanki1@yahoo.com