Reverse charge mechanism is the case in which the receiver of goods is obligated to pay GST rather than supplier. Reverse charge mechanism (RCM)
On the GST front, the government has recently released a new GST notification 10/23 that mandates businesses with an AATO of Rs. 5 Cr. and above to start generating IRN from 1st August onwards. IRIS GST even hosted a webinar to help businesses with this new change. As the government is...
GST @ 5% is required to be paid by the Recipient under Reverse Charge Mechanism (RCM) as per Section 9(3) of the CGST Act 2017 read with Notification No. 13/2017 - Central Tax ( Rate ), dated 28th June 2017, if you have received services from a GTA ( Goods Transport Agency ).For...
GST Notification No. 12/2024 enables the use of the DRC-03A form for adjusting or offsetting voluntary payments against a demand order. If you have previously used a DRC-03 form, submit a DRC-03A form to complete the process. View more 30th October 2024 An advisory on biometric-based Aadh...
As per S.No 6 of the said notification, a company or a body corporate located in the taxable territory is liable to pay GST on RCM basis on services received from its directors. Common understanding of GST applicability under RCM on Director's Remuneration: Services supplied by the director ...
The above details explain about GST related information for Air Travel Agents. The new notification and changes in GST rates with exemption list of notifications are updated here soon. Would you like to add more information about GST impact on Air Travel Agency services? Share below your thoughts...
Nov 7, 20243 min read GST Notification No. 22/2024-Central Tax Related to Section 16(5) & 16(6) [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION (ii)] GOVERNMENT... Nov 6, 20242 min read GST Circular No. 223/17/2024-GST Subject: Amendment...
-Notification of ICD, Dhirpur, Kurukshetra, Haryana u/s. 7(1)(aa) of the Customs Act 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962. - Inland Container Depots for loading and unloading of goods January 17, 2025 ...
15. RCM applicable without any exemption limit wef 01-02-2019 for a class of registered persons in respect of supply of specified categories of goods or services or both received from an unregistered supplier as per Notification No.01/2019 – Central Tax (Rate) and amended section 9(4) of...
The amendments made under sub-rule (2), vide the July 2024 notification, has also been made applicable retrospectively, i.e., w.e.f. 26th October, 2023. Hence, sub-rule (2) of rule 28 applies to a corporate guarantee issued or renewed on or after 26th October, 2023. Understanding ...