The supplier is liable to collect tax from the recipient and pay the total tax amount to the Government. But in some cases, the Recipient of Goods/Services is liable to pay GST instead of the supplier. This is in essence Reverse Charge.1. When is RCM under GST applicable?
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...
As per the provisions of GST Act Section 9(3) in case of notified goods and services, the person responsible for payment of tax is the recipient. The recipient is not paying tax on behalf of the supplier. Unlike Service tax where relief was provided where service tax liability was discharg...
On 30th June 2017 the governor of the National Capital Territory of Delhi, on the guidance of the officials revised the information in the Department of Finance (Revenue-1), No.13/2017- State Tax (Rate). Under the CGST the notice concerns the kinds of solutions where the tax is payable ...
Tender Value Refer Document EMD Refer Document Document Cost Refer Document auction sale of details as per vehicle information proforma gst = 18 the h 1 bidder will have to pay applicable gst amount to concerned gst authorities under reverse charge mechanism (rcm). quantity : 1 lot lmv mahindra...
Under the RCM, the liability to pay Goods and Services Tax (GST) shifts from the supplier to the recipient of the goods or services. This amendment to Notification No. 13/2017-Central Tax (Rate) aims to address the issue of tax evasion in cases ...
Under GST regime, temporary transfer or permitting the use or enjoyment of intellectual property right constitute supply of service as per Schedule II r/w Section 7(1A) of CGST Act. Following are the rates applicable for Intellectual Property Right based on HSN:- HSN Rate of tax Description...
Lekhraj sood (Expert) Follow 01 December 2020 ok, it is clear now.In this case you should not reverse the ITC on booking the credit note because the credit note will not have any GST amount. You can file refund claim under section 54 as excess payment of tax. ...