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 scenario is covered by section 9 (3...
Under the GST regime, e-way bills are required for inter-state transportation of goods valued over ₹ 50,000. As the financial year ends, taxpayers must consider the importance of timely GST audits and assessments. Ensuring compliance with GST regulations and accurate reporting of financial ...
Every registered businessman who deals with goods/ services covered under RCM must necessarily keep a proper record of all supplies related to reverse charge. In the case of RCM, the supplier must clearly state on the invoice that the transaction is done under reverse charge, similarly, it shou...
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...
Under the reverse charge mechanism (RCM), the recipient, instead of the supplier, issues the invoice and directly pays the GST to the government. A payment voucher should also issued along with this invoice. 5. Debit and Credit Notes
在修订案之前,RCM每天有5000卢比的免税额度,因此会有这种情况——购买方发现销售方开出超出5000卢比的账单,可以要求连续几天开低于5000卢比的账单分摊金额,金额低的可以少缴一些税,修订后取消了这5000卢比额度。 印度FDI新规电商政策在2月1日也如期生效,尽管亚马逊和Flipkart仍在积极的要求能够推迟一段时间。
Who should pay GST under the RCM? The person who receives the goods and services is the one who must pay GST under the RCM. But it is vital that the supplier of the goods and services mentions that the tax is payable under RCM. The recipient of the goods and services can claim ITC ...
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....
Question No. 84: Whether CGST & SGST or IGST is to be paid on freight on RCM basis if goods are received from other states? Answer: IGST. Question No. 85: Any notification for due date of payment under GST? Answer:Notification No. 35/2017-Central Taxand56/2017-Central Tax. ...
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) ...