The GST Portal has been updated to include an RCM Liability/ITC Statement for taxpayers to assist them in correctly reporting transactions. View more 21st August 2024 GST Instruction No. 03/2024 relates to applicable paragraph 2(g) of Instruction No. 01 issued on 30th March 2024. Read more ...
Cancer Drugs GST on cancer drugs like Trastuzumab Deruxtecan, Osimertinib, and Durvalumab reduced from 12% to 5%. 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 Con...
Dear Sir Please clarify that, if the director has charged GST under forward charge for professional fees then also company is liable to pay GST on RCM basis ? 23 July 2020Anoop Gupta As per the provisions of GST Act Section 9(3) in case of notified goods and services, the person respon...
As per the report, the Committee has recommended deferment of GST provisions like tax deducted at source (TDS) and tax collected at source (TCS) as well as the reverse charge mechanism (RCM). Unlike general norms, under RCM the receiver of goods or service has a tax liability and not th...
SHARE E-STAMPING (Payment Of Stamp Duty On Share Certificate) (16,855) FDI Reporting to RBI using Form FC-GPR | Detailed Procedure to File the Form FC-GPR (8,913) When Self Generated Invoice has to be generated and Format | RCM (8,764) Data for Import of Goods (Bill of Entry...
Where RCM-ITC eligible- Not liable Where ITC ineligible- Yes, liableGST liability AFTER Notification 52/2023-CT Same as above Liable irrespective of consideration being NIL or not. Actual consideration or1% of guarantee (WIH) deemed valuation liable@18%Note...
The Goods and Services Tax laws (GST) introduced in 2017, also brought with itself, a concept of Reverse Charge Mechanism (RCM). 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 sup...
of GST RET-1. When reporting his GST RET-1/PMT-08/RET-2/RET-3, the recipient must discharge his liability using an electronic cash ledger. The RCM credit will be auto-populated in Table 4A of the recipient's GST RET-1 (details of ITC based on auto-population from FORM GST ANX-1)...
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) ...
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