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...
Reverse charge mechanism is the case in which the receiver of goods is obligated to pay GST rather than supplier. Reverse charge mechanism (RCM)
16 November 2020 GST had been paid on long term lease of land on RCM basis. Later the deal got cancelled. 75% of lease premium paid at the time of lease agreement has been refunded back. The Lessor has filed a credit note in GST return which is showing under Credit note section in ...
A Bill of supply is similar to a GST tax invoice but does not include tax charges. It is issued when GST does not apply to a transaction. For example, it is used for exempt goods or services or when a supplier is registered under the composition scheme. 2. Invoice-cum-Bill of Supply...
Gst on royalty under rcm(25) Gst on post supply discount(21) Itc credit for raw materials sold as scrap(20) 16(4) time limit(19) Non issue of tax invoice by registered gta(16) Payment of rcm on seniorage charges(16) Gst on supervision charges(15) ...
Composition dealers should pay tax at the normal rate rather than the composition rate when releasing their liability under RCM. Additionally, they are ineligible to claim any input tax credit for the tax paid. Reverse Charge on Specified Services ...
GST Council’s Latest Meeting Insights The GST Council convened for its 53rd meeting, bringing forth a slew of decisions to ease compliance burdens and refine the GST framework. Among the highlights were discussions on rate rationalizations and measures to curb tax evasion. The council’s decisio...
Metal Scrap Reverse Charge Mechanism (RCM) introduced for metal scrap supplies by unregistered persons; 2% TDS applied on B2B metal scrap supplies by registered persons. RMPU Air Conditioning Machines RMPU air conditioning machines for railways classified under HSN 8415, attracting a 28% GST rate....
CT-Rate, UT-Rate and IT-Rate (5,6,7,8) 15th January 2025 As per Notifications No. 01/2025 and 02/2025, the draft GSTR-2B data will be generated on January 16, 2025. View More The new advisory recommends filing applications under the waiver scheme as per Section 128A. View More ...
BOQ Amounts Tender Value Refer Document EMD Refer Document Document Cost Refer Document auction sale of details as per vehicle information proforma gst = 18 the h 1 bidder will have to pay applicable gst amount to concerned gst authorities under reverse charge mechanism (rcm). quantity : 1 lot...