(o) address of delivery where the same is different from the place of supply; (p) whether the tax is payable on reverse charge basis; (q) signature or digital signature of the supplier or his authorised representative;
Advance Payment made to vendor does not include tax payment, as the purchaser is liable to pay tax under reverse charge. Hence, tax is applied straight away on base. GST on Advance Payment field needs to be activated on General Journal Line for computation of GST on Adv...
Learn more about Concept of Reverse Charge mechanism in GST & this charge mainly more tax compliance and increased tax revenues. This article will explain about GST Reverse charge.
As per section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act, if a registered person purchases goods/services from an unregistered dealer (URD) then the registered taxpayer is liable to pay GST on reverse charge basis( only for certain goods/services). All th...
Review GST on Reverse Charge Mechanism (RCM) Transactions: It is important to verify if GST under RCM has been properly accounted for and if ITC for RCM payments has been claimed. This applies to transactions for the financial year 2023-24 as well. A new statement to track the liability pa...
There are 2 kinds of reverse charge mechanisms as observed in the law: Dependent on the nature of supply or the nature of supplier. This falls under and is covered by Section 9 (3) of the CGST/SGST (UTGST) Act and section 5 (3) of the IGST Act. ...
On the Setup tab, include the sales tax code for the reverse charge in this group. Select the Exempt and Reverse charge check boxes for the sales tax code. Sales tax groups for purchases Create a sales tax group for purchase operations that have the reverse charge (Tax > Indirect taxes...
GST on Reverse Charge is levied if there is intra State supply of goods or services or both by an unregistered supplier to a registered person and the value exceed Rs 5000 in a day. Know more ... GST Sale of a Composite Supply in Tally.ERP9 ...
GST Impact on Real Estate Buyers Read More→ GST Impact on Real Estate – Developers and Builders Read More→ When do you have to Pay Tax on Reverse Charge Basis? Read More→ Impact of GST on Traders Read More→ Composition Scheme – Impact on SMEs ...
7. Which Educational services attract GST on Reverse Charge? There are few examples of Educational services that attract GST under the reverse charge mechanism (RCM). Educational institutions are liable to pay GST on RCM for these goods or services – Sponsorship revenues from non-corporate entiti...