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 ...
Any amount payable under reverse charge shall be paid by debiting the electronic cash ledger. The reverse charge liability cannot be discharged by using input tax credit.Advance paid for reverse charge supplies is also liable to procure GST. The person making advance payment has to pay tax on ...
CBIC Clarifies Wavier of Interest and Penalty under CGST Act RCM Time of Supply Rule Changes Effective from November 1 Now, let us look at GST due dates for December 2024. Here is a comprehensive image of our December GST Due Dates Calendar or GST Compliance Calendar. It has all the GST ...
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 Rajasthan government has shared the guidelines for reimbursement of late fee payable deposit under section 47. Read Order 08th March 2023 GSTN has enabled the new option of using the cash ledger balance of one GSTIN (an entity with the same PAN) to fund another GSTIN through tax form ...
For example, if a service provider realises they are undercharged for their services after issuing the invoice, they should issue a debit note to the customer to request the additional payment. Credit Notes are issued when the amount payable decreases. This occurs when the original invoice was ...
3. Net GST Payable Net GST Payable = Output Tax – ITC Net GST Payable: ₹7,200 (Output Tax) – ₹5,400 (ITC) = ₹1,800 This example of Input Tax Credit under GST illustrates how a business can reduce its tax liability to ₹1800 by utilising ITC. ...
8.The following transactions shall not treated as supply (i.e no tax payable under GST) under Schedule III:- a. Supply of goods from a place in the non-taxable territory to another place in thenon-taxableterritorywithout such goods entering into India; ...
Question 25: Is IGST payable under RCM on consultancy fee paid to a lawyer located outside India for services rendered abroad? Answer:In case, the service provider is outside India and the recipient of such service is in India, then RCM will be applicable. ...
The person who receives the goods and services is the one who must pay GST under the RCM. But it is vital that the supplier of the goods and services mentions that the tax is payable under RCM. The recipient of the goods and services can claim ITC only if they are used for business ...