Reverse charge mechanism is the case in which the receiver of goods is obligated to pay GST rather than supplier. Reverse charge mechanism (RCM)
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...
RCM or Reverse Charge Mechanism refers to the process in which the purchaser is a registered individual and purchases goods from an unregistered supplier; in such a scenario, the purchaser pays the supplier only the price of the goods without including the GST amount; instead, he makes this ...
The RCM in GST refers to the amount of GST that a recipient of goods has to pay directly to the Government because the supplier is an unregistered person.
01 December 2020 I have paid GST under RCM for supply received. In GSTR 3B i have claimed the amount paid under RCM as input and it is showing in my credit ledger. Now, the supplier has cancelled the deal and also uploaded a credit note which is showing in my GSTR 2A. If I rever...
December 9, 2024Atul MittalGST India, Informative GST Articles 30 Minutes Read The government keeps on amending and updating the provisions related to different types of taxes. The reason could be anything, but in most cases, the changes are made for the ease of the taxpayers. In this ...
However, Rule 36(4) introduces a new restriction on claiming ITC. Now, you cannot claim more than 105% of the ITC reflected in GSTR-2B as provisional credit. This 5% provisional ITC rule does not apply to the import of goods, input service distributors and, reverse charge mechanism (RCM...
www.nature.com/scientificreports OPEN received: 20 July 2015 accepted: 04 December 2015 Published: 11 January 2016 Effect of Different Mulches under Rainfall Concentration System on Corn Production in the Semi-arid Areas of the Loess Plateau Xiaolong Ren1,2,*, Peng Zhang1,2,*, Xiaoli ...
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...
In this work, several future scenarios for 19 species, among the main forest tree species in Italy, were realized using six GCMs and one RCM, quantifying the discrepancies between them and within species when different climatic data are used. Suitability maps were obtained for Italy to provide ...