Reverse Charge is a type of mechanism wherein the recipient has to pay the tax liability for the goods purchased or services rendered instead of the supplier. What is the RCM (Reverse Charge Mechanism)? Generally, the taxpayer who supplies goods or/and services is required to pay the tax on the supply made. However, in the … Read moreReverse Charge Under GST
While the ultimate burden of an indirect tax is to be borne by the consumer, the responsibility to collect and deposit in such cases rests with the supplier. Thus Supplier as defined in Section 2(105) means the person supplying the goods or services or both in relation to any goods or services or both and … Read moreWho shall be Liable to pay GST?
In a gigantic country like ours, which was and still is widely predominated by unorganized sectors, which were habituated for tax evading and other tax manipulations, the GST wave has send an electrifying tantrum among them. To curb, control and eradicate such practices, GST embeds a mechanism of Reverse Charge, which leads to bring transparency … Read moreComplete Guide to Reverse Charge Mechanism
Baburam, the owner of a goods transportation agency, hurried inside the office of Kushal, a CA by profession, whov looked after Baburam’s files. “Baburam ji!” Kushal greeted, “Long time. How are you doing?” “I ain’t doing any fine,” Baburam retorted as he sat down, “For truck owners and transporters like us, GST has hit us … Read moreAnalysis of Reverse Charge Mechanism Under GST