Question 25: Is IGST payable under RCM on consultancy fee paid to a lawyer located outside India for services rendered abroad? Answer:In case, the service provider is outside India and the recipient of such service is in India, then RCM will be applicable. Question 26: Are we supposed to...
3. Net GST Payable Net GST Payable = Output Tax – ITC Net GST Payable: ₹7,200 (Output Tax) – ₹5,400 (ITC) = ₹1,800 This example of Input Tax Credit under GST illustrates how a business can reduce its tax liability to ₹1800 by utilising ITC. Note:This is a simplified...
Ebay Commission Charges For each fulfilled order Ebay charges commission from sellers. Now question arises whether GST under RCM is payable on such a commission as Import of service ? As per Section 2(11) of IGST Act, Import of service means supply of service where: – Now, we need to ...
policy as the research object. It analyzes the differences in its effect and explores whether this policy combination can produce an effect in which “1 + 1 > 2”. Further, it divides manufacturing enterprises into low- and high-tech manufacturing industries and further compares and ana...
Would an executive director be treated as an employee of a company both under CA and CGST Act? This issue was raised in the matter of Clay Craft India Private Limited[1] (‘Company’), where advance ruling was sought on whether GST would be payable on RCM basis on the salary paid to ...
Choose the icon, enter Purchase & Payable Setup, and then choose the related link. Enter exemption's start and end date for reverse charge for unregistered vendor in RCM Exempt Start Date (Unreg) and RCM Exempt End Date (Unreg)To set up GST on source code setup...
This webinar is intended for financial and operations personnel—including tax, general accounting, accounts payable, sales, tax technology, purchasing and credit—who deal with sales and use tax as part of their responsibilities. The course is also designed for general practitioners, with minimal to...
The entire output tax payable to the authority are recorded properly. Only eligible amount is claimed as input credit. The reporting of output tax under reverse charge are recorded properly. Zero rated supplies and exempted supplies are recorded separately. Additional reporting such as profit margin ...
It is a destination/consumption based tax levy which is payable in the state in which the goods and services are consumed. It is levied and collected on value addition at each stage of production or distribution process (all points in supply chain...
Similarly, if there is any GST due and payable which has not been paid, the amount must be paid in the final GST return. The final GST return must be furnished to the Royal Malaysian Customs Department ("RMCD") within 120 days from 1 September 2018. Sales Tax Sales tax is a single-...