If a registered person accept supply under Reverse Charge Mechanism, then such recipient shall issue an invoice in respect of goods/services or both received by him and such recipient shall also issue a payment voucher at time of making payment to such supplier.
All the taxes levied and collected by the Government in India are governed by one or the other powers vested to them through The Constitution of India. Till now reference to all the matters related to tax were mentioned in The Seventh Schedule of the Constitution of India. This Seventh Schedule of The Constitution of India comprise of three lists namely List-I i.e. Union List, List-II i.e. States List and List-III i.e. Concurrent List.
Electronic commerce in general parIance is defined as transactions conducted over a digital or electronic network . Electronic commerce began traditionally as online retail in the stock and sell model. The traditional model worked like this- the inventory of goods/ category of services were displayed to the customer who could choose and pick the desired goods/ services in his virtual cart.
The Reserve Bank of India (RBI) has come out with a revised prompt corrective action (PCA) framework for banks, spelling out certain thresholds, the breach of which could invite resolutions such as a merger with another bank or even shutting down of the bank.
