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...
Advance paid for reverse charge supplies is also liable to procure GST. The person making advance payment has to pay tax on a reverse charge basis. 5. Can you get Input tax credit (ITC) on transactions under RCM? Under the reverse charge mechanism, the recipient of goodscannot claim ITCas...
01 December 2020 I have paid GST under RCM for supply received. In GSTR 3B i have claimed the amount paid under RCM as input and it is showing in my credit ledger. Now, the supplier has cancelled the deal and also uploaded a credit note which is showing in my GSTR 2A. If I rever...
When goods or services are received by the recipient, he may claim Input Tax Credit for the GST amount paid under reverse charge. Goods or services purchased by a supplier for use in making supplies for which a recipient is liable to pay tax under reverse charge cannot be claimed as input ...
Reports suggest that one of the amendments could introduce provisions for bringing any transactions under RCM. This could first be introduced for the composition scheme. The GST Council had however postponed tax liabilities under RCM till June 30. Presently unregistered suppliers are not liable to p...
To account for the different taxes to be paid under GST (central tax, state tax, union territory tax, integrated tax, and cess), you have to create a tax ledger for each tax type. Know more ... Creating GST Ledger ( CGST / SGST / IGST ) in TallyPrime ...
It is important to cross-check your books of account to confirm if you have paidGST under RCMfor proper transactions at the appropriate rate and claimed the ITC for the same in the Financial Year 2021-22. 6. Cross-checking purchase bills with GSTR-2A and 2B ...
The GST Council has given the go-ahead for the Tax Administration to handle refund requests for extra IGST paid due to increased prices of goods after they were exported. read more 10th July 2024 The GSTN department has enabled the document uploads field in the new GST registration and amendm...
needs to be paid. This situation arises when the original invoice was issued at a lower taxable value. For example, if a service provider realises they are undercharged for their services after issuing the invoice, they should issue a debit note to the customer to request the additional ...
Liability paid, yet recovery being initiated!... (6) Bogus sales(5) Rcm on rent(9) Itc credit claime on import of machine(10) Difficulty in filing penalty waiver application u/s 128(1)(b)... (1) Rcm on foreign bank charges(3) ...