Advance paid for reverse charge supplies is also liable to procure GST. The person making advance payment has to pay tax on a reverse charge basis. 5. Can you get Input tax credit (ITC) on transactions under RCM? Under the reverse charge mechanism, the recipient of goodscannot claim ITCas...
The ITC from GST can be utilized within the same month, and to the extent of the IGST paid upon claiming it, to release the outward tax liability. RCM Under GST Transportation Tax is charged on GST Services, which are nothing more than outsourced transportation agencies that provide the ...