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...
09 July 2024 It seems there might be confusion or a common issue related to Input Tax Credit (ITC) and Reverse Charge Mechanism (RCM) under GST. Here’s a clarification and steps you can take to resolve the issue:### Understanding Reverse Charge Mechanism (RCM):1. **RCM Liability:** ...
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...
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...
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)...
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...
on other services, he only had to pay a certain percentage of it, while the balance was paid by the provider of services. The service tax thus emerging under RCM, had to be paid by way of cash or bank payment, and was not dischargeable by using tax credit available to the developer....
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) ...