The GST has one more significant tax effect on commercial property rent. The legislature adopted the concept of a "reverse charge mechanism" from the GST service tax regime. Unlike the service tax regime, the reverse charge mechanism (RCM) is applicable to services and not extended to the manu...
Note:This is a simplified example, and the actual ITC calculation may vary depending on specific factors such as the nature of the goods or services, the applicableGST rates, and any restrictions or reversals of ITC. It’s always advisable to consult with a tax professional for accurate guidan...
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