CA Ankit Gajjar
The New Service Laws as amended by Finance Act, 2012 has made some radical changes in the entire structure of service tax laws.
One of such area is introduction of Reverse Charge Mechanism (RCM) on some of the services, in which liability has been casted on service receiver to pay service tax even though it has nothing to do with service tax laws.
Although it covered very large number of service receivers to pay service tax at prescribed percentage.
However, through this table and an attempt is made to study its impact specifically on Small & Medium Enterprise as Service Receivers (SR) who are typically operating as Individual, HUF, Proprietary Firm, Partnership Firm, Company & LLP so as have easy understanding of its impact, applicability & scope.