GST:
GST Portal Starting from August 2024, a new “RCM Liability/ITC Statement” has been introduced to improve accuracy in reporting Reverse Charge Mechanism (RCM) transactions.
This statement will capture RCM liabilities from Table 3.1(d) of GSTR-3B and the related ITC from Tables 4A(2) and 4A(3) of GSTR-3B. Monthly filers must start using it from August 2024, while quarterly filers will begin from the July-September 2024 period.
If there are any discrepancies between declared RCM liabilities and ITC claimed should be corrected in this statement, with opening balances to be reconciled up to July 2024 for monthly filers and Q1 FY 2024-25 for quarterly filers. The deadline to declare and amend the opening balance is October 31, 2024, with three amendments allowed until November 30, 2024.
[GST Advisory dated on 23rd August 2024 ]
