Affluence Advisory Pvt. Ltd. introduced the RCM liability/ITC statement on the GST portal to enhance accuracy and transparency in reporting figures for monthly and quarterly return filers starting in mid-2024. Taxpayers must report their RCM ITC balances, including any excess liabilities or ITC availed, by following specific navigation steps, with a deadline of October 31, 2024, for declaring these balances. The article serves as a general information update and advises consulting professional advice for specific circumstances.

1. CA Aakash Sarda| Affluence Advisory Pvt. Ltd. | Website - www.affluence.net.in |Email - connect@affluence.net.in
Introduction of RCM Liability/ ITC statement
Affluence Advisory Pvt. Ltd.
td
A statement called RCM liability/ ITC statement has been introduced on GST portal. The same
has been introduced with a motive of enhanced accuracy and transparency by capturing the RCM
liability figures depicted in Table 3.1(d) of GSTR-3B and corresponding ITC claimed in Table
4A(2) and 4A(3) of GSTR-3B.
The said statement is applicable from August 2024 for monthly return filers and from July to
September 2024 quarter for quarterly return filers.
Reporting of RCM ITC balances:
Particulars To report negative or positive value
Excess RCM liability paid in GSTR 3B
however ITC has not been availed
The said positive value of ITC to be reported
as ‘Opening balance’
Excess RCM ITC availed in GSTR 3B
however corresponding tax has not been paid
Negative value of ITC is to be reported as
Opening balance
Reclaimed RCM ITC which was reversed in
earlier tax period in table 4(B)(2) of Form
GSTR3B
The said ITC can be reclaimed by reporting in
Table 4A (5) of GSTR-3B. Since the same
cannot be claimed through Table 4(A)2 and
Table 4(A)3, it shall not form part of this
statement.
Steps for reporting the RCM ITC balances:
The taxpayers can report the opening balance in the statement by following below navigation:
Login >> Report RCM ITC Opening Balance or Services >> Ledger >> RCM Liability/ITC
Statement >> Report RCM ITC Opening Balance. The timeline to declare the opening balance on
portal is 31 October 2024. Further, taxpayer will be provided 3 opportunities to rectify any error
in reporting the opening balance till 30 November 2024.
Disclaimer: This article provides general information existing at the time of preparation and we take no responsibility
to update it with the subsequent changes in the law. The article is intended as a news update and Affluence Advisory
neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as
a result of any material contained in this article. It is recommended that professional advice be taken based on specific
facts and circumstances. This article does not substitute the need to refer to the original pronouncement