Reverse charge mechanism is the case in which the receiver of goods is obligated to pay GST rather than supplier. Reverse charge mechanism (RCM)
Further as per Rule 36 sub rule (1) clause (b) of the CGST Rules 2017, the Self Invoice is the document which is required to claim ITC on GST paid under RCM basis.EXTRACT OF RULE 36(1) clause (b) :The input tax credit shall be availed by a registered person on the basis of ...
Independent director as defined under section 149(6) of the Companies Act, 2013, read with Rule 12 of Companies (Share Capital and Debentures) Rules, 2014 makes it amply clear that such director should not have been an employee or proprietor or a partner of the said company, in any of th...
Resolving issues related to claiming ITC under GST requires careful review of invoices, compliance with GST rules, and sometimes technical troubleshooting. By following the steps above and seeking professional advice if needed, you can rectify the issue and ensure compliance with GST regulations ...
Valuation: Sections 15(4) and (5) provide for the value of the supply of goods or services if it cannot be determined under sub-section (1) of Section 15 of the CGST Act whereby Rule 27 to 31 of the CGST Rules have been prescribed thus, valuation can be prescribed via notifications ...