Goods and Services Tax : Learn about Reverse Charge Mechanism (RCM) under GST, its applicable goods/services, suppliers, recipients, and GST rates. Stay up...
Goods and Services Tax : Learn about Reverse Charge Mechanism (RCM) under GST, including applicable services and conditions for recipients to pay tax....
CA, CS, CMA : Proposals to ease GST Reverse Charge Mechanism and TCS compliance. Updates to RCM services and TCS changes on advances can simplif...
Goods and Services Tax : Understand GST provisions for residential and commercial property renting, including RCM applicability, tax rates, and input tax c...
Goods and Services Tax : Starting November 1, 2024, self-invoicing is mandatory for RCM transactions. Delays in issuance may lead to loss of ITC and penalt...
Goods and Services Tax : Explore the key recommendations made by the GST Council during its 54th meeting, including changes in GST rates, GoM formations, a...
Goods and Services Tax : Advocates' Tax Bar Association urges the Finance Minister to abolish Reverse Charge Mechanism for registered dealers, citing burde...
Goods and Services Tax : Maharashtra Tax Practitioners’ Association has made a representation on Confusion related to Levy of GST under RCM on Reside...
Goods and Services Tax : उपरोक्त विषय में निवेदन है कि इस समय माइनिंग इंडस...
Goods and Services Tax : CBIC issues 43 notifications on 30th September 2019 to give effect to Recommendations made by GST Council in its 37th Meeting. Mos...
Goods and Services Tax : Rajasthan GST AAR clarifies GST payment on corporate guarantees issued by foreign entities under reverse charge mechanism as one-t...
Service Tax : CESTAT Bangalore held that that service tax on commission paid to foreign commission agents is payable under reverse charge only ...
Goods and Services Tax : Explore the implications of GST AAR Tamilnadu Order No. 04/ARA/2024 dated 28.03.2024 on the taxation of ocean and air export freig...
Goods and Services Tax : Rajasthan HC dismisses petition challenging GST demand on exhibition services. Detailed analysis of the legal arguments and court'...
Goods and Services Tax : Punjab & Haryana HC grants stay on GST demand of Rs. 20.46 Cr on Mitsubishi Electric for seconded employees' salaries, citing Apex...
Goods and Services Tax : Government of India corrects any property to any immovable property in Union Territory Tax Rate Notification issued on October 8, ...
Goods and Services Tax : The Ministry of Finance issued a corrigendum to Notification No. 09/2024, clarifying any property to any immovable property....
Goods and Services Tax : The Government of India corrects the phrase any property to any immovable property in the recent Central Tax Rate Notification....
Goods and Services Tax : The Ministry of Finance amends GST notification, exempting metal scrap suppliers from provisions of notification No. 5/2017-Centra...
Goods and Services Tax : Notification No. 06/2024 updates reverse charge mechanism for metal scrap transactions, applicable from 10th October 2024....
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.
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.
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
Service Tax Payers had been used to the concept of `Complete Reverse Charge (100%)’ or `Partial Reverse Charge’, popularly known as RCM or PRCM under the Finance Act, 1994, for last several years.
This concept is called Reverse Charge. Previously it had a very little scope in Service Tax but in GST it has very wider scope and if a registered person deals with unregistered supplier then the registered person has to raise the invoice and pay the tax on it.
