8. What if the receiver of goods and/or services who is required to pay tax under RCM himself is an Unregistered Dealer?All taxpayers required to pay tax under reverse charge have to register for GST and the threshold of Rs 40 Lakhs/10Lakhs is not applicable to them. Provision Applicable...
Dear Sir Please clarify that, if the director has charged GST under forward charge for professional fees then also company is liable to pay GST on RCM basis ? 23 July 2020Anoop Gupta As per the provisions of GST Act Section 9(3) in case of notified goods and services, the person respon...
For paying GST under RCM basis, you need to prepare a "SELF INVOICE" as provided under Section 31(3) clause (f) of the CGST Act 2017 on the date of receipt of goods or services and also you need to issue a Payment Voucher to the Supplier acknowledging the payment. Accordingly you ...
As per the report, the Committee has recommended deferment of GST provisions like tax deducted at source (TDS) and tax collected at source (TCS) as well as the reverse charge mechanism (RCM). Unlike general norms, under RCM the receiver of goods or service has a tax liability and not th...
Reports suggest that one of the amendments could introduce provisions for bringing any transactions under RCM. This could first be introduced for the composition scheme. The GST Council had however postponed tax liabilities under RCM till June 30. Presently unregistered suppliers are not liable to pa...
4. If under QRMP Scheme do i have to pay rcm and normal tax in 2 different chaalans. Also can i claim the ITC in the same month as it will not refelct in GSTR 2B 5. Self invoice where we have to upload in GST Returns? 6. For Import of Services Which GST Returns we...
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 impact. Recent update in Section 13 of IGST Act 2018 (Amendment Act w.e.f. 1st ...