Section 9(3) and 9(4) of the Central Goods and Services Tax Act, 2017 (CGST Act) provide two scenarios in which tax shall be chargeable on RCM basis: Supplies notified by Government u/s 9(3) Taxable Supplies by unregistered person to registered person The government, pursuant to section...
Dear sir, We are an Air Travel Agent of a Foreign Economy Class Airline called Air Manas based kryzkistan. We are buying tickets from the Air Lines by making payment in foreign currency. Since the Airline is not in the taxable Territories , do we have to pay GST on RCM basis on purch...
30 March 2019 We are paying market survey charges on monthly basis to china based consultant.Inthis regard my question is 1) can we are liable to pay Gst on RCM basis 2) can we are liable to deduct TDS (,Income Tax). The above market survey consultant is native from china. You are...
For paying GST under RCM basis, you need to prepare a "SELF INVOICE" as provided under Section 31(3) clause (f) of the CGST Act 2017 on the date of receipt of goods or services and also you need to issue a Payment Voucher to the Supplier acknowledging the payment. Accordingly you ...
GST反向征税机制简称RCM,是指商品或服务的提供者向消费者开具发票时,开票金额会覆盖GST的销售税,同时卖家也承担了向税务局申报和纳税的义务。 印度实一个联邦制的国家,中央各邦的政府都被赋予了征税权。印度的GST类似于中国的增值税,在莫迪政府17年改革前,印度中央有7个税种,邦级8个税种,还有针对不同商品设立的...
The person making advance payment has to pay tax on a reverse charge basis.5. Can you get Input tax credit (ITC) on transactions under RCM?Under the reverse charge mechanism, the recipient of goods cannot claim ITC as the supplier has not paid any tax for their sales. Input Tax Credit(...
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Zero % GST Means the receipient needs to discharge the GST Liability on RCM basis and claim the same aas GST ITC. If Adobe is charging GST the they must be registered with GSTN and should be depoisiting these collection of Taxes on sales being made by Adobe. Same will get ...
GSTN has rolled out functionalities that enable taxpayers to monitor their return filing status on a financial year basis. Taxpayers can now access information swiftly and accurately thanks to a new feature on the GST portal that enables searches by mobile number. The CBIC department has published...
Before RCM under GST The supplier had to record invoice-by-invoice sales subject to RCM. The supplier must declare the same in GSTR-1 table 4B. (Outward supplies engaged tax on reverse charge basis). The recipient is required to report a summary of purchases that are subject to reverse ch...