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...
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...
would not be liable to pay GST under RCM on the remuneration paid to the director as this activity or transaction gets covered under clause 1 of Schedule III to CGST Act which provides exclusive list of activities which shall neither be treated as supply of goods nor supply of services. Such...