For paying GST under RCM basis, you need to prepare a "SELF INVOICE" as provided under Section 31(3) clause (f) of the CGST Act 2017 on the date of receipt of goods or services and also you need to issue a Payment Voucher to the Supplier acknowledging the payment. Accordingly you ...
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...
There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state. The tax was introduced to remove the cascading of taxes, the situation of collecting multiple taxes on every level of production. It is done under GST too, but...
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...
Security services (supply of security personnel) provided to a registered person, except Government Departments which have taken registration for TDS and entities registered under composition scheme, shall be put under RCM. Services provided by an unregistered Business Facilitator (BF) to a bank and ...
RCM Exemp. for Un-Reg. Ven. Start Date Date RCM Exemp. for Un-Reg. Ven. End Date Date Cr. & Libty Adj. Journal No. Type: Code 10 Purch. Inv. Nos. (Reg) Type: Code 10 Purch. Inv. Nos. (Reg Supp) Type: Code 10 Pur. I...
GUJ HC Suggestion to GST Dept Regarding Attaching Accounts of Firms Odisha AAR Held that GST Under RCM is Not Pay on Receipt of ServicesFollow Us on Google News Latest Posts MP HC: Double Penalty for Late GST Returns Filing as ‘Arbitrary and Capricious’ Madras HC Permits Assessee to ...
o Goods and Service Tax (GST) is an indirect tax levied on supply of goods or services or both. o It is a destination/consumption based tax levy which is payable in the state in which the goods and services are consumed. o It is levied and collected on value addition at each stage ...
GST RCM Statement Generate GST RCM statement when GST is to be paid and deposited by the recipient of Goods/ Services Online Banking Experience online banking inside Marg ERP integrated with ICICI Bank. Manage all type of bank transactions i.e. NEFT, RTGS etc. including Auto-Bank Reconciliatio...
Added security:Exchange of all invoices through encrypted transmission procedures ensures better safety. Reduced errors: E-invoicing helps in plugging the major gap in data reconciliation under GST to reduce mismatch errors. Better cash flow:Immediate delivery...