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...
The GST Portal has been upgraded to feature an RCM Liability/ITC Statement, which helps taxpayers accurately report their transactions. *** GST Collection for August 2024 As per the comprehensive report released on the Goods and Services Tax portal, the gross monthly GST collection increased by 10...
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 ...
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...
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...
RCM and ITC Conflict Invoices view Know More > GSTR-3B Get 3B data auto-populated from R1 and 2B Multiple Validations and Business Rules for easy and early identification of errors and warnings so that you file only correct data with 100% accuracy. ...
3. It may be noted that the inward supplies on which the recipient is required to pay tax underReverse Charge Mechanism (RCM) does not form part of the ‘aggregate turnover’. The law stipulates certain supplies like, Goods Transport Agency services, services received from outside India, to...
GST RCM Statement Generate GST RCM statement when GST is to be paid and deposited by the recipient of Goods/ Services Online Banking Experience online banking inside Marg ERP integrated with ICICI Bank. Manage all type of bank transactions i.e. NEFT, RTGS etc. including Auto-Bank Reconciliation...
Wrong or Excess ITC Claimed RCM RATE ON ROYALTY PAID TO GOVT. Cancel GST wef 01-07-2018 Refund of wrongly paid GST in Sept 19 GST Liability on Freight paid by the seller ? Bill paid by lower tax rate Sale return is excess than outward supply.Popular...
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 Conditioning Machines RMPU air conditioning machines for railways classified under HSN 8415, attracting a 28% GST rate....