Goods and Services Tax : Understand CBIC's Circular No. 211/5/2024-GST clarifying the ITC time limit under section 16(4) of CGST Act for supplies under RCM...
Goods and Services Tax : Understand CGST Act's Section 16(4) time limits for claiming ITC on RCM supplies from unregistered persons, clarified in SEBI's Ci...
Goods and Services Tax : Understand GST liability under Reverse Charge Mechanism (RCM) for services consumed outside India. Analysis based on recent Rajast...
Goods and Services Tax : Understand Reverse Charge Mechanism (RCM) on Renting of Motor Vehicles and Input Tax Credit (ITC) implications. Learn about tax li...
Goods and Services Tax : Article explains Reverse Charge Mechanism (RCM) under GST law, its necessity, eligibility criteria, time and tax payment aspects, ...
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...
Income Tax : ICAI has submitted that the provisions for levy of taxes under the reverse charge mechanism applicable to a registered person, eff...
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 : Delhi High Court's interim relief to Metal One Corp. by staying GST Reverse Charge Mechanism (RCM) show cause notices. Analysis of...
Goods and Services Tax : Clarification on time limits for ITC on RCM supplies from unregistered persons under Section 16(4) of CGST Act. Read Circular 211/...
Goods and Services Tax : Get clarifications on GST applicability for services provided by directors in personal capacity and supply of food in cinema halls...
Goods and Services Tax : The Ministry of Finance, through Notification No. 06/2023-Union Territory Tax (Rate) issued on 26th July 2023, introduces amendme...
Goods and Services Tax : Notification No. 06/2023-Integrated Tax (Rate) amends GST for GTA, allowing the continuation/exercise of RCM/FCM option. Effective...
Goods and Services Tax : Notification No. 06/2023-Central Tax (Rate) issued by the Ministry of Finance amends GST rates for services as recommended by the ...
The budget 2015 has also bought some additions to the reverse charge list. Altogether 3 services have been added to this list w.e.f. 01/04/2015 by notification no. 7/2015 dt 01/03/2015. These are: 1. Services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company”;
The reverse charge mechanism (RCM) was first introduced effectively from 01-01-2005 vide Notification No. 36/2004-ST dt. 31-12-2004 read with Rule 2(1)(d) of Service Tax Rules, 1994. With effect from 01-07-1012 a new mechanism of reverse charge (RCM) and partial reverse charge or joint charge (PRCM / JCM) was introduced with the introduction of negative list regime of service tax.
1. Freight paid/payable to Goods Transport Agency (GTA) 1.1 Does individual/proprietorship firm is liable to pay service an When tax under reverse charge? An Individual or a proprietorship firm is liable to take service tax registration and pay service tax under reverse charge only if:- i. It is registered as a dealer of excisable goods […]
The date of 01.07.2012 was a critical date in service tax laws because from this date the service tax laws underwent gigantic change. The concept of Negative list and partial reverse charge was introduced for the first time to broaden the scope of service tax along with simplifying the service tax laws.
What is Reverse Charge? Generally, Service tax is payable by person providing the service who actually collect the tax and pays to government. But Section 68(2) introduced and makes provision for reverse charge i.e. making person receiving the service, liable to pay tax. Provision can be made that part of tax will be paid by service receiver and part by service provider or entire by Service Receiver.
Point of taxation is determined on the basis of earlier of following events (Rule 3) :- a) The time when the invoice for the service provided or to be provided is issued OR b) Where the person providing the service, receives a payment Provided that the invoice has been issued within 30 (45 in case […]
1) Introduced in the Finance Act, 1994 under Service Tax Rules in 2002. 2) An explanation to Section 65(105) was added wherein concept of import of services was launched. 3) This explanation to Section 65(105) was removed in year 2006 and Section 66A was inserted. 4) Rule 2(1)(d) of the Service tax rules, 1994 prescribed the cases of deemed service providers.
The tourism sector is booming at a rate that none other sector have thought of. Today maximum revenue for any country’s or even state’s government is earned from tourism sector, but where different states are trying to promote their tourism, the CENTRAL Government with the introduction of Partial Reverse Charge in Service Tax has raised […]
The Reverse Charge Mechanism (a.k.a. RCM) was introduced first by Notification No. 36/2004 specifying Persons liable to pay Service Tax. Where section 68(1) of the Finance Act provided, in the year 1994 that the Service Provider shall be the person liable to pay Service Tax, section 68(2) empowered the Government to prescribe Services wherein the Service Receiver instead of the Service Provider to be person liable to pay Service Tax.
CA Tarannum Khatri Definition of legal service As per Notification No. 25/2012-Service Tax, Dated – 20th June, 2012 “Legal service” means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority” (Before 1/7/2012 representative service was exempt) […]
