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 ...
RCM is calculated based on the applicable GST rates using the formula: (Value of Goods/Services) x (Applicable GST Rate). You can also make use of the GST calculator online to get the GST rate of the product or services. 3. What are the exemptions under reverse charge mechanism? RCM do...
If such a list is not previously typed in, one can simply select ‘Create Item’ and type in the relevant details of goods/services. The CGST tax rate will auto-populate (based on the universal HSN/SAC codes generally built-in software). Then, select the unit, quantity, and any ...
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Dear sir, We are an Air Travel Agent of a Foreign Economy Class Airline called Air Manas based kryzkistan. We are buying tickets from the Air Lines by making payment in foreign currency. Since the Airline is not in the taxable Territories , do we have to pay GST on RCM basis on purch...
Reverse charge mechanism is the case in which the receiver of goods is obligated to pay GST rather than supplier. Reverse charge mechanism (RCM)
Reverse Charge Mechanism (RCM) Entities: Businesses liable to pay GST under RCM, where the recipient pays tax instead of the supplier, must register. Specialized Categories: Entities like TDS deductors, TCS collectors, and Online Information and Database Access Retrieval (OIDAR) service providers ...
Itc on rcm to be paid on import of services... (5) Gst on song producers(4) Rent a cab in foreign country - rcm implication... (3) Tcs value to be disclosed or not ?(3) Time limit for issue notice u/s 122(5) Itc- can we claim or not?(4) ...
Section 9(3) in case of notified goods and services, the person responsible for payment of tax is the recipient. The recipient is not paying tax on behalf of the supplier. Unlike Service tax where relief was provided where service tax liability was discharged by Service provider for RCM ...