[Opinion] GSTR-3B’s New RCM ITC Check | Reconcile & Validate Your RCM Reporting in GSTR-3B
- Blog|News|GST & Customs|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 29 August, 2024
Ajay Kumar Maggidi – [2024] 165 taxmann.com 710 (Article)
Background
The Goods and Services Tax Network (GSTN) has introduced a new feature to streamline the reconciliation and accurate reporting of Reverse Charge Mechanism (RCM) values in GSTR 3B. Effective from August 2024, the RCM ITC statement is designed to enhance transparency, accuracy, and efficiency in managing input tax credit (ITC) claims related to RCM transactions.
What is the issue and why were the changes Introduced by the government?
We report RCM output tax liability in table 3.1(d) of GSTR 3B.
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