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...
1. When is RCM under GST applicable?Under GST, there are three types of reverse charge scenarios, which are:i. Nature of Supply/Nature of SupplierThe reverse charge mechanism is applicable upon the nature of the given goods/services as notified by CBIC which will be covered under RCM. This...
01 December 2020 I have paid GST under RCM for supply received. In GSTR 3B i have claimed the amount paid under RCM as input and it is showing in my credit ledger. Now, the supplier has cancelled the deal and also uploaded a credit note which is showing in my GSTR 2A. If I rever...
Goods and Services Tax (GST) is a comprehensive indirect tax system in India that was introduced in July 2017, replacing multiple taxes such as VAT, Excise Duty, and Service Tax. GST is levied on the supply of goods and services, and the tax rate varies based on the type of goods and...
According to him, the existing TDS rate is 2% that is to be decreased to a 0.05% rate. Moreover, Bhatia declared that there is a requirement to acknowledge staffing a unique industry instead of being a part of the professional services. “This will allow staffing companies to seek certain ...
There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state. The tax was introduced to remove the cascading of taxes, the situation of collecting multiple taxes on every level of production. It is done under GST too, but...
· GST Rate change: The provision for handling rate change is provided in system, if user create an invoice after rate change, but wish to create with previous rate without changing posting date, this feature will help user to create such invoices. · Item tracking in GST Adjustment Journals...
GST Rates,GST Rate Finder,GST Rate on Labour Charges,HSN Codes,SAC Codes,GST State Codes Our Most Popular Reads The latest release of TallyPrime brings a fresh breeze of simplicity... Let’s understand the power of the connected GST feature... ...
Under the service tax regime, a developer was required to pay taxes on certain services that were availed by him, such as, services of goods transport agencies, advocate firms, legal services, security services, and so on. On certain services, the developer had to pay 100% of the service...
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 entities Security services from non-corporate entities Sale of capi...