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....
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...
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 ...
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....
Composition dealers should pay tax at the normal rate rather than the composition rate when releasing their liability under RCM. Additionally, they are ineligible to claim any input tax credit for the tax paid. Reverse Charge on Specified Services The following table presents the reverse charge le...
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...
Question No. 88: While paying GST, should RCM challan be separate? Answer: No. Single challan will do. Question No. 89: I export vegetables. Where do I file in FORM GSTR-3B – Zero rate goods or Nil rated goods? Answer: Zero rated goods. ...
This notification introduces an amendment to adding provisions related to the transportation of passengers by helicopter on a seat-share basis. It specifies that such services will attract a 2.5% rate. The notification will come into effect on October 10, 2024. This notification introduces amendments...
I have a doubt on first ruling. Section 24 (compulsory registration) overrides Section 22(1) only and not Section 23 (exemptions from registration). So, why registration needs to be done for inward RCM supplies (u/s 24) in case of person exclusively engaged in exempt supply and so not ...
15/2018-Union Territory tax (Rate) dated 26 July 2018 specifies that services supplied by individual DSAs to banks/ NBFCs shall be taxed under the RCM. • Notification No. 14/2018-Union Territory tax (Rate) dated 26 July 2018 amends Notification No. 12/2017-Union Territory Tax (Rate) ...