RCM Time of Supply Rule Changes Effective from 1st November 2024 E-Way Bill and E-Invoice System Updates Effective from1st January 2025 GST Updates 2024: 10 Key GST Updates and Developments of the Year Form GSTR 9: Categories, Applicability, Parts & Sub-Parts, Preparation, & Filing Table 4...
the supplier of the goods or services will collect GST from the buyer and pay to the government, however, under the RCM, the buyer will have to pay GST directly to
Conclusion Other than the fact that levy under GST remains questionable, where the recipient entity is eligible to ITC, even though the levy can be disputed, conservatively RCM can be discharged, and ITC claimed (conservative and revenue neutral position). ...
GST is a tax on supply, however, under the concept of RCM, the liability to pay tax is on the recipient of supply of goods and services instead of the supplier of such goods or services. Section 9(3) and 9(4) of the Central Goods and Services Tax Act, 2017 (CGST Act) provide ...
A registered dealer must pay tax under the Reverse Charge Mechanism (RCM). How to Make the GST payment? There are two ways to pay GST: Payment through Cash Ledger and Payment through Credit Ledger. Payment through Cash Ledger Online and offline GST payments are both possible. In order to ...
However, Rule 36(4) introduces a new restriction on claiming ITC. Now, you cannot claim more than 105% of the ITC reflected in GSTR-2B as provisional credit. This 5% provisional ITC rule does not apply to the import of goods, input service distributors and, reverse charge mechanism (RCM...
Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit. Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons. Clarification on mechanism for prov...
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Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit. Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons. Clarification on mechanism for prov...