Reverse charge mechanism is the case in which the receiver of goods is obligated to pay GST rather than supplier. Reverse charge mechanism (RCM)
Dear Expert I have a question about RCM on Import Services OurSingapore client Sub Client provide services to Zambia Myanmar Tanzania and bill is raised for invoicing these services to India My question is we are liable to pay RCM on import services They
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...
As per the report, the Committee has recommended deferment of GST provisions like tax deducted at source (TDS) and tax collected at source (TCS)as well as the reverse charge mechanism (RCM). Unlike general norms, under RCM the receiver of goods or service has a tax liability and not the...
October 27, 2020Arpit KulshresthaGST India, Latest & Trending GST News 3 Minutes Read Delhi government has stated that the recent amendment in the Reverse Charge Mechanism to give motor vehicles on rent. On 30th June 2017 the governor of the National Capital Territory of Delhi, on the guidance...
Amounts Tender Value Refer Document EMD Refer Document Document Cost Refer Document auction sale of details as per vehicle information proforma gst = 18 the h 1 bidder will have to pay applicable gst amount to concerned gst authorities under reverse charge mechanism (rcm). quantity : 1 lot lmv...
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...
Dear Sir Madam We charged freight charges on invoice and calculated GST on the same rate as applicable on goods But the same amount of freight paid to GTA Is GST to be paid on RCMalso Example Value of Goods 90000 Freight charges 10000 Taxable value 10000
It is known that the group of minister panel was formed in the21st GST council meetingand the minister of Bihar Sushil Modi is the chairperson of GoM. As earlier explained the reverse charge mechanism was deferred due to the issues raised by the small and big business units. ...
How its accounted in books of entries? 10 October 2024 Ashok A registered recipient is always entitled for ITC on the self invoices made for purchase from unregistered supplier. First payment GST and then claim ITC thereof. The Govt.'s exchequer does...