Time of Supply for Reverse charge Mechanism (RCM) Payment of Tax on a reverse charge Input tax credit (ITC) Self-Invoicing What if an Input Service Distributor receives supplies liable to Reverse Charge? What if the receiver of goods / services who is required to pay tax under RCM himself ...
Input Tax Credit Under RCM If a registered person uses the goods or services supplied under the reverse charge mechanism in the course of doing business, GST paid on those items is an Input Tax Credit (ITC). When goods or services are received by the recipient, he may claim Input Tax Cre...
Dear Sir Please clarify that, if the director has charged GST under forward charge for professional fees then also company is liable to pay GST on RCM basis ? 23 July 2020Anoop Gupta As per the provisions of GST Act Section 9(3) in case of notified goods and services, the person respon...
Also, the due date for submitting GSTR 1 (Monthly) for Feb 2024 and GSTR 3B for Feb 2024 (Monthly) and GSTR-5A-OIDAR Services are the 11th and 20th of this month. Remember, compliance isn’t just a legal obligation; it’s a cornerstone of sustainable business operations in the devel...
The legal validity of SLB was discussed by the U.S Supreme Court in the landmark ruling of Frank Lyon and Company[1]. In Frank Lyon’s case the bank took the building on SLB. Under the lease terms the bank was liable to pay rentals periodically and had the option to purchase the bu...
IMS can be accessed on the GST portal underServices > Returns > Invoice Management System (IMS)option. There are 2 sections in the IMS dashboard: Inward Supplies: Dashboard to view and act on inward supplies reported by your supplier in GSTR-1/IFF/GSTR-1A. ...
Previously, contractors had to pay Excise duty, VAT, Customs duty, Entry taxes, and other taxes on raw materials/inputs and Service tax on various input services such as permission costs, architect professional fees, and labor charges, legal charges, and so on.ITCwas not accessible for dutie...
Restaurant services(1) Rcm of exhibition charges paid outside india... (3) Whether itc is to be reversed on inputs if finished goods billed but not de ... (3) Gst and e invoice on specific export type transactions... (2) Service...
the recipient of service needs to pay GST under RCM. Type of Service: Services supplied by a recovery agent to a banking company or a financial institution or a non-banking financial company. Service Provider: A recovery agent. Service Recipient: A banking company or a finan...
Under GST, the Central (CGST) and state government (SGST) share the authority to levy and collect taxes on goods and services. In the case of Inter-state transactions, Integrated GST (IGST) is applicable. Essential Features of GST Multiple Tax Levels: India’s GST system has multiple tax ...