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:** ...
An individual registered with the GST An organization formed or established under any law, or under any other law Registered or unregistered partnership firms, including AOP. Individuals with taxable income How can Deskera Help You? Deskera Books will effectively help you with accounting, financial ma...
The technical issues of GST Network (GSTN) coupled with errors in invoice matching have brought in criticism from all corners. The GST law Committee, comprising of Senior Center and State officials, on January 5, proposed their recommendation to the Mini
However, new amendments will pave for insertion of composition scheme under the RCM mechanism for the unregistered supplies Compensations Act Under GST The GST (Compensation to States) Act, 2017 will go through a few updates to ensure clarity on refund process for export goods Manufacturers. “The...
The Hon'ble Supreme Court in Union of India & Anr. v. M/s Mohit Minerals Pvt. Ltd.[Civil Appeal No. 1390 of 2022 dated May 19, 2022] upheld the judgement given by the Hon'ble Gujarat High Court to hold that no IGST is payable on ocean freight under Rever
All these steps are under the income tax act right now providing a measure to check on tax evasion. The same provision may be applicable in the GST reverse charge mechanism stating that an additional measurement will ensure the timely payment of taxes from the parties. The provision is known ...