Reverse Charge Mechanism

RCM- Reverse Charge Mechanism

Goods and Services Tax - In India, the concept of reverse charge under GST is being introduced which is already present in service tax. Currently, there is reverse charge mechanism in supply of services only. But in GST RCM applicable for both services and goods....

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Whether Jewellers Comes under the Ambit of GST or Not??

Goods and Services Tax - Pre- GST there was buzz that as per section 9(4) of the Central GST Act, 2017, jewellers also falls under the Reverse Charge Mechanism. Revenue Secretary Hasmukh Adhia’s, right before a day before press release said that purchase of old gold jewellery by a jeweller from a consumer will be subject to GST at the […]...

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GST: Reverse Charge Mechanism

Goods and Services Tax - Reverse Charge as defined in Section 2(98) of CGST Act, 2017 which says that the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both....

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RCM- Applicable on “Import of goods”?

Goods and Services Tax - There were many different views on whether import of goods will attract RCM or not. Unlike import of service which is EXCLUSIVELY provided in act to be taxed under RCM basis ,act is silent on applicability of RCM on import if Goods....

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Major Relief to Small Taxpayer’s in GST

Goods and Services Tax - The Central Government has issued Exemption Notification No. 8/2017-CT(Rate) dated 28-06-2017 giving relaxation to Registered Persons under GST from major (and draconian) compliance required under section 9(4) of the CGST Act, 2017....

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UTGST: Reverse charge on certain specified supplies of goods

Notification No. 4/2017-Union Territory Tax (Rate) - (28/06/2017) - Central Govt notifies goods in respect of which the Union territory tax shall be paid on reverse charge basis by the recipient of the intra-state supply of such goods...

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Liability to pay tax on services by arbitral tribunal & its members

Circular No.193/03/2016-Service Tax - (18/05/2016) - Service Tax liability for services provided by an arbitral tribunal (including the individual arbitrators of the tribunal) shall be on the service recipient if it is a business entity located in the taxable territory with a turnover exceeding rupees ten lakh in the preceding financial year....

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Recent Posts in "Reverse Charge Mechanism"

RCM- Reverse Charge Mechanism

In India, the concept of reverse charge under GST is being introduced which is already present in service tax. Currently, there is reverse charge mechanism in supply of services only. But in GST RCM applicable for both services and goods....

Read More

Whether Jewellers Comes under the Ambit of GST or Not??

Pre- GST there was buzz that as per section 9(4) of the Central GST Act, 2017, jewellers also falls under the Reverse Charge Mechanism. Revenue Secretary Hasmukh Adhia’s, right before a day before press release said that purchase of old gold jewellery by a jeweller from a consumer will be subject to GST at the […]...

Read More

GST: Reverse Charge Mechanism

Reverse Charge as defined in Section 2(98) of CGST Act, 2017 which says that the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both....

Read More

RCM- Applicable on “Import of goods”?

There were many different views on whether import of goods will attract RCM or not. Unlike import of service which is EXCLUSIVELY provided in act to be taxed under RCM basis ,act is silent on applicability of RCM on import if Goods....

Read More

Major Relief to Small Taxpayer’s in GST

The Central Government has issued Exemption Notification No. 8/2017-CT(Rate) dated 28-06-2017 giving relaxation to Registered Persons under GST from major (and draconian) compliance required under section 9(4) of the CGST Act, 2017....

Read More

Payment of GST on Supply of GOODS under Reverse Charge Mechanism: A big dilemma

Prior to introduction of GST, Reverse Charge Mechanism was common for Service Sector as several of the services were in Reverse Charge. Thus Service Sector is well confortable with the Reverse Charge provisions. ...

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Reverse Charge under GST on Transaction between Registered & Unregistered Person

With the introduction of GST, a new provision is introduced which is not there is any of the earlier tax laws. As per the new law, in case one registered person receive any goods or services or both, which is taxable, from the unregistered person , registered person shall be required to pay tax and all the other liabilities like issue ...

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All about RCM under GST

Under the heading of Levy and collection, IGST Act 2017, Section 5 (3) and (4) elucidating about who is liable to pay and when transaction cause under Reverse charge mechanism....

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UTGST: Reverse charge on certain specified supplies of goods

Notification No. 4/2017-Union Territory Tax (Rate) (28/06/2017)

Central Govt notifies goods in respect of which the Union territory tax shall be paid on reverse charge basis by the recipient of the intra-state supply of such goods...

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Accounting Treatment of Reverse Charge Mechanism (RCM) under GST

Concept of RCM is not new in Indirect Tax regime, it is similar to what was there in service tax, but in GST regime supply of goods is also covered under RCM. There is not any provision of partial RCM under GST, 100% need to be paid by receiver of service or Goods....

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