iii. Reverse charge mechanism (RCM )on Services through ane-commerce operator Ane-commerce operatorthat provides a platform to buyers and sellers of services is liable to pay GST on behalf of his suppliers. For example, Ola provides services of transportation of passengers through Radio Taxis. The...
The CGST tax rate will auto-populate (based on the universal HSN/SAC codes generally built-in software). Then, select the unit, quantity, and any discount/incentives.IGST or CGST & SGSTfor the selected goods/services will be automatically shown. STEP 6: Click to Create GST Invoice: If all...
GST is a destination-based tax, meaning the tax revenue goes to the state where the goods or services are consumed. The GST council, consisting of the central and state government representatives, decides on the tax rate and any changes to the GST law. GST News Updates month-wise 2024-25...
Every registered businessman who deals with goods/ services covered under RCM must necessarily keep a proper record of all supplies related to reverse charge. In the case of RCM, the supplier must clearly state on the invoice that the transaction is done under reverse charge, similarly, it shou...
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 The following table presents the reverse charge le...
15. RCM applicable without any exemption limit wef 01-02-2019 for a class of registered persons in respect of supply of specified categories of goods or services or both received from an unregistered supplier as per Notification No.01/2019 – Central Tax (Rate) and amended section 9(4) of...
In case of Reverse charge Mechanism whether Service Provide should invoice any rate of GST on invoice or just stating that The invoice is made under RCM as note…How the report of GST as service will come to know that provider is under RCM ReplyJayant...
Question No. 88: While paying GST, should RCM challan be separate? Answer: No. Single challan will do. Question No. 89: I export vegetables. Where do I file in FORM GSTR-3B – Zero rate goods or Nil rated goods? Answer: Zero rated goods. ...
15/2018-Union Territory tax (Rate) dated 26 July 2018 specifies that services supplied by individual DSAs to banks/ NBFCs shall be taxed under the RCM. • Notification No. 14/2018-Union Territory tax (Rate) dated 26 July 2018 amends Notification No. 12/2017-Union Territory Tax (Rate) ...
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....