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 supplier of such goods or services. Section 9(3) and 9(4) of the Central Goods and Services Tax Act, 2017 (CGST Act) provide ...
The reverse charge mechanism is applicable upon the nature of the given goods/services as notified by CBIC which will be covered under RCM. This scenario is covered by section 9 (3) of the CGST/SGST (UTGST) Act and section 5 (3) of the IGST Act....
GST @ 5% is required to be paid by the Recipient under Reverse Charge Mechanism (RCM) as per Section 9(3) of the CGST Act 2017 read with Notification No. 13/2017 - Central Tax ( Rate ), dated 28th June 2017, if you have received services from a GTA ( Goods Transport Agency ).For...
RCM In case of an Unregistered Person Based on Section 9(4) of the CGST Act, 2017, the provisions for the reverse charge mention that: As a recipient of taxable goods or services or both supplied by a non-registered supplier, all the provisions of this Act shall apply to such recipient...
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 ...
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...
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 ...
Refund as per section 54(8)(e) of cgst act 2017... (10) Two scn for similar issue to a common taxpayer... (3) Restaurant services(1) Rcm of exhibition charges paid outside india... (3) Whether itc is to be reversed on inputs if finished goods billed but not de ... (3) ...
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...
When Self Generated Invoice has to be generated and Format | RCM (8,764) Data for Import of Goods (Bill of Entry) in Form GSTR-2A | GST Portal Integration with ICEGATE (8,691) Due Date for GSTR-9 & GSTR-9C are being considered to be Extended | Tweet by CNBC (8,331) Cont...