iii. Reverse charge mechanism (RCM )on Services through an e-commerce operatorAn e-commerce operator that 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....
RCM Time of Supply Rule Changes Effective from November 1 Now, let us look at GST due dates for December 2024. Here is a comprehensive image of our December GST Due Dates Calendar or GST Compliance Calendar. It has all the GST Due dates for December 2024 so that you never miss the Dece...
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 ...
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 Debit notes are issued in scenarios where the original invo...
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 registered under the GST portal. ...
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...
The new "RCM Liability/ITC Statement" on the GST Portal, introduced for tax periods from August 2024 onwards, enhances accuracy and transparency by capturing Reverse Charge Mechanism (RCM) liabilities and corresponding ITC claims. Taxpayers must report any excess RCM liabilities or ITC not yet bal...
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...
Who should pay GST under the RCM? The person who receives the goods and services is the one who must pay GST under the RCM. But it is vital that the supplier of the goods and services mentions that the tax is payable under RCM. The recipient of the goods and services can claim ITC ...
Educational institutions are liable to pay GST on RCM for these goods or services – Sponsorship revenues from non-corporate entities Security services from non-corporate entities Sale of capital assets Training, seminars & workshops, for people except for students, faculty, and staff. 8. When ...