ITC on the GST paid under reverse charge would be eligible in the same month. In the instance that, the Invoice value for the quarter is lesser than RCM paid based on 2 months provisions, there would be no requirement to reverse RCM paid or ITC claimed, as it has a NIL revenue impa...
09 July 2024 It seems there might be confusion or a common issue related to Input Tax Credit (ITC) and Reverse Charge Mechanism (RCM) under GST. Here’s a clarification and steps you can take to resolve the issue:### Understanding Reverse Charge Mechanism (RCM):1. **RCM Liability:** ...
What is Rule 16A under GST? Unable to File Core Amendments for Change in Legal Name of the Company on GST Portal Hotel accommodation services. GST on Hotel and Restaurant composite bill Sales credit note and delivery challan ITC regarding query view more » Start a New Discussion Trending ...
The provision included in the income tax act requires that the taxes must be deducted at source of generation at a certain percentage fixed by the authorities on the payments like interest, royalty, fees for technical services, commission etc. And in case the taxpayer fails to deduct the tax ...