This also helps simplify the application of tax liability under RC for foreign goods and services. The tax for this category i.e. for the import of service has to be paid in cash or bank. The ITC from GST can be utilized within the same month, and to the extent of the IGST paid up...
When RCM applies, the supplier must report the sale in GSTR-1, while the recipient needs to summarise their purchases in GSTR-3B. The recipient discharges the tax liability through their electronic cash ledger and can claim ITC on these purchases in subsequent tax periods. However, the claim ...
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Any amount payable under reverse charge shall be paid by debiting the electronic cash ledger. The reverse charge liability cannot be discharged by using input tax credit. Advance paid for reverse charge supplies is also liable to procure GST. The person making advance payment has to pay tax on...