Reading Time: 2 minutesRCM Liability/ITC Statement, In the matter of correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called “RCM Liability/ITC Statement“ has been introduced on the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table
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Reading Time: 3 minutesSpecial Class of Registered Person under RCM, CBIC notifies Specified class of Registered Person liable to pay tax under RCM u/s 9(4) of the CGST Act, 2017 w.e.f. April 01, 2019 The Central Board of Indirect Taxes and Customs vide Notification No. 07/2019 – Central Tax (Rate) dated March 29, 2019 notified the specified class
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Reading Time: 7 minutesReverse Charge Mechanism Under GST When a supplier collects the tax from the buyer and deposits the same after adjusting his output tax liability with input tax credits its called normal supplies, but under Reverse Charge Mechanism liability to pay tax on a “Specific Supply” is on the ‘Recipient of Supply’. reverse charge under gst
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