Input Tax Credit Under RCM If a registered person uses the goods or services supplied under the reverse charge mechanism in the course of doing business, GST paid on those items is an Input Tax Credit (ITC). When goods or services are received by the recipient, he may claim Input Tax Cre...
1. When is RCM under GST applicable?Under GST, there are three types of reverse charge scenarios, which are:i. Nature of Supply/Nature of SupplierThe reverse charge mechanism is applicable upon the nature of the given goods/services as notified by CBIC which will be covered under RCM. This...
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...
Legal issues in SLB: The legal validity of SLB was discussed by the U.S Supreme Court in the landmark ruling of Frank Lyon and Company[1]. In Frank Lyon’s case the bank took the building on SLB. Under the lease terms the bank was liable to pay rentals periodically and had the opt...
A Supplier View is also under development where the supplier can see the action taken on a record by the recipient. 3. Updated GSTR-3B Process Flow 4. IMS Workflow IMS can be accessed on the GST portal underServices > Returns > Invoice Management System (IMS)option. ...
CBIC Clarifies Wavier of Interest and Penalty under CGST Act 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 ...
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) Gst and e invoice on specific export type transactions... (2) Service...
Under GST, the Central (CGST) and state government (SGST) share the authority to levy and collect taxes on goods and services. In the case of Inter-state transactions, Integrated GST (IGST) is applicable. Essential Features of GST Multiple Tax Levels: India’s GST system has multiple tax ...
the recipient of service needs to pay GST under RCM. Type of Service: Services supplied by a recovery agent to a banking company or a financial institution or a non-banking financial company. Service Provider: A recovery agent. Service Recipient: A banking company or a finan...
to certain services that have been notified under the GST Act. The Reverse Charge Mechanism is the procedure of paying GST by the receiver rather than the supplier. The recipient should clear tax under the reverse charge system, but both the provider and the recipient must disclose RCM supply....