Under GST, there are three types of reverse charge scenarios, which are:i. Nature of Supply/Nature of SupplierThe reverse charge mechanism is applicable upon the nature of the given goods/services as notified by CBIC which will be covered under RCM. This scenario is covered by section 9 (3...
indian client has to pay GST under RCM. In addition to it, Indian client would have to also issue an invoice to client in zambia, myanmar etc. It can also be considered as export of services and Taxability on export of services according section 16 of IGST Act 1 Like ...
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 ...
How to check GST Paid by Supplier in RCM under GST? Accounting Treatment of Reverse Charge Mechanism Key points dealing with RCM Who will issue the RCM invoice? RCM on freight limit 750 How are services by e-commerce operators treated under RCM? GST RCM on foreign expenses RCM under GST Tr...
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...
16 November 2020 GST had been paid on long term lease of land on RCM basis. Later the deal got cancelled. 75% of lease premium paid at the time of lease agreement has been refunded back. The Lessor has filed a credit note in GST return which is showing under Credit note section in ...
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 ...
At the long term, the annual temperature might be 2.06 ◦C (IQR = 0.9 ◦C) higher than the RP one (RCM ensemble mean) under the RCP4.5 and 4.17 ◦C (IQR = 1.4 ◦C) for the RCP8.5. At both the monthly and annual scale, the variability between the RCMs is higher than the...