- New RCM Liability/ITC Statement on GST Portal enhances transparency in tax transactions
- Helps taxpayers report RCM transactions accurately
- Bridges gap between RCM liabilities and ITC claims
- Available for monthly filers from August 2024 and quarterly filers from July-September 2024
- Tool captures RCM liability and corresponding ITC claimed for a given return period
- Access statement on GST Portal under Services >> Ledger >> RCM Liability/ITC Statement
- Report opening balance for RCM ITC in different scenarios
- Important deadlines to remember for monthly and quarterly filers
- Deadline to declare opening balance is October 31, 2024
- Amendments in opening balance can be made until November 30, 2024
- RCM Liability/ITC Statement simplifies RCM transaction reporting and ensures accuracy.
Source: rmpsco.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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