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...
As per the 2017 Act of GST and Section 31 (3) (g), the purchaser or the recipient must issue the RCM invoice to the supplier of the goods on which the reverse charge mechanism is applicable. The RCM invoice is a document that includes all the vital components which have been specified...
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...
Schedule III of the CGST Act, and is therefore, taxable and covered under reverse charge mechanism in terms of Notification No. 13/2017 – Central Tax (Rate) dated 28.06.2017(as amended), the recipient of the said services i.e. the Company, is liable to discharge the applicable GST on ...
While RCM will be applicable for registered taxpayers renting fixed government property. The final draft of the 35 amendments is being prepared. It would be presented in the Next 28th GST Council Meeting. Post the approval of the Union Cabinet, It would be introduced to the Floors during the ...
However, there are some notified services under GST, on supply of such services GST is applicable under reverse charge i.e. the purchasers are required to pay GST to the Government.A buyer may have to return the goods or issue credit note due to various reasons like damag...
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...
This article has been prepared by Varsha Vasante Gowda (Audit Executive) and vetted by CA Akshay Hiregange. The author could be reached at varshav@hiregange.com. Published by Varsha Vasante Gowda (Audit Executive) CategoryGSTReport Other Articles ...
Our Gross Receipts are from 2 sources i e from sales of material and transportation services Now my question is 1 Whether I am liable to pay GST on outward transportation charges 2 Whether GST payable under RCM on inward Transportation Charges paid