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 the...
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 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 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...
We have received freight bill from un registered person at what percentage I have to pay GST As it is not reflecting in GSTR 2A how can I claim ITC benefit on the same please clarify - GST
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...
The GTA is billing to us either RCM or FC bill. We are not issuing any consignment note to our customer. In this case how much GST we should charge to customer? Post Reply Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1 1 Dated: 11-2-2025By:- VENU K As per ...
the GST amount is shared by both the supplier and recipient for certain transactions. Hence, TDS provides regular cash flow to the Government, introduces checks and balances, prevents tax evasion, and increases the tax base. Similar to TDS under Income Tax Act, GST also has provisions for ...
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 ...
This issue was raised in the matter of Clay Craft India Private Limited[1](‘Company’), where advance ruling was sought on whether GST would be payable on RCM basis on the salary paid to directors, given that- directors are compensated by way of regular salary and other allowances as per...