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New Feature on GST Portal: RCM Liability/ITC Statement

What's New: The GST Portal has introduced the "RCM Liability/ITC Statement" as of August 23, 2024. This new tool helps taxpayers ensure the accurate reporting of Reverse Charge Mechanism (RCM) transactions in GSTR-3B returns.

Who Should Use It?

This statement is applicable to both monthly filers (from August 2024) and quarterly filers (from Q2 FY 2024-25).

Benefits of the RCM Liability/ITC Statement

• Improves transparency and accuracy in reporting RCM transactions.
• Simplifies the reconciliation process for RCM liabilities and corresponding ITC claims.
• Ensures better compliance with GST regulations.

Key Deadlines

• Opening Balance: Must be declared by October 31, 2024.
• Amendments: Corrections can be made until November 30, 2024.

Steps to Report RCM ITC Opening Balance

1. Log in to the GST Portal.
2. Navigate to Services > Ledger > RCM Liability/ITC Statement.
3. Select Report RCM ITC Opening Balance.
4. Enter Details based on your situation:
   • Positive Balance: If you’ve paid excess RCM liability but haven’t claimed ITC.
   • Negative Balance: If you’ve claimed ITC without paying the corresponding RCM liability.
5. Reclaim RCM ITC: If applicable, reclaim any previously reversed ITC in Table 4A(5) of GSTR-3B.
6. Reconcile:
   • Monthly filers: Reconcile RCM ITC up to the July 2024 return period.
   • Quarterly filers: Reconcile RCM ITC up to Q1 of FY 2024-25.
7. Amendments: Make corrections up to three times until November 30, 2024.

This new feature is designed to help taxpayers manage their RCM transactions more efficiently, ensuring smoother and more accurate GST compliance.

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