XYZ Pvt Ltd is responsible for paying GST under RCM. The company calculates 5% GST, amounting to ₹2,500, and pays it directly to the government. It later includes this amount in its GST liability when filing tax returns.
For example, Ola provides services of transportation of passengers through Radio Taxis. Then Ola has to pay GST on behalf of actual service provider i.e. Driver.If the e-commerce operator does not have a physical presence in the taxable territory, then a person representing such electronic ...
Example: Value of Goods 90000/- Freight charges 10000/- Taxable value 100000/- GST @ 18% 18000/- Total Invoice value 118000 Now we paid 10000 to GTA and my Freight account shown in Profit and loss account as 0/-(10000 Dr-10000 Cr). Is RCM applic...
Audit trail and edit logs for accounting software in India Tax engine GST GST overview GST on purchase GST on purchase return Purchase return to composite vendor Purchase return to registered vendor Purchase return to unregistered vendor (reverse charge) ...