GSTN Introduces New RCM Liability/ITC Statement
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- By Taxmann
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- Last Updated on 27 August, 2024
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GSTN Update dated August 23rd, 2024
The GSTN has issued an update to inform that a new statement called “RCM Liability/ITC Statement” has been introduced on the GST Portal to assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions.
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 onwards for monthly filers and from the quarter, July-September-2024 period for quarterly filers. The RCM Liability/ITC Statement can be accessed using the navigation: Services >> Ledger >> RCM Liability/ITC Statement.
Click Here To Read The Full Update
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