suspended the RCM. Please clarify DIPESH R January 24, 2020, 3:24 pm Leave reply If it is applicable and what will be the rate of IGST, CGST & SGST on the transport service received by the Road? Ashwini Gorhe February 06, 2020, 1:57 pm Leave reply Kindly check tax rate ...
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...
New RCM Liability & ITC Statement: What Businesses Need to Know Now, let us look at GST due dates for October 2024. Here is a comprehensive image of our October GST Due Dates Calendar or GST Compliance Calendar. It has all the GST Due dates for October 2024 so that you never miss an...
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 ...
Under the reverse charge mechanism (RCM), the recipient, instead of the supplier, issues the invoice and directly pays the GST to the government. A payment voucher should also issued along with this invoice. 5. Debit and Credit Notes
Input Tax Credit Under RCM If a registered person uses the goods or services supplied under the reverse charge mechanism in the course of doing business, GST paid on those items is an Input Tax Credit (ITC). When goods or services are received by the recipient, he may claim Input Tax Cre...
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...
Goods transport services Insurance agencies Recovery agencies Legal services Transportation services for imported goods etc. Requirements Under The RCM These are some of the requirements that must be met in the reverse charge mechanism: A dealer who receives goods or services is required to be register...
IfaGTA isregistered underRCM 5 till31 03 2019 hisITC ledger has a substantial amount of credit now can he change to Forward Charge 12 from01 04 2019 and can he adjust ITC credit in ledger showing up to31 03 2019 from this years forward charge Please advi
7. Which Educational services attract GST on Reverse Charge? There are few examples of Educational services that attract GST under the reverse charge mechanism (RCM). Educational institutions are liable to pay GST on RCM for these goods or services – Sponsorship revenues from non-corporate entiti...