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This article discusses in detail about a query relating to the applicability of Service Tax payment on Reverse charge mechanism ( RCM) basis on services provided by Advocates and by an arbitral tribunal.
Sec 9(3) The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.
Krishna, In GST, there is concept of Reverse charge. This concept was there in service tax also. So, what is exact Reverse Charge Mechanism?
If a registered dealer or a service provider gets supply or service from an unregistered dealer or service provider taxable goods or services and the value of supply is more than Rs. 5,000/- in a day, the service receiver has to pay GST at the rates applicable for the goods or services received and he can claim credit by deducting the same in the GST payable by him.
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.
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 […]
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.
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.
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.
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 of invoice, filing return, assessment of the same shall be the responsibility of the recipient/registered person.
