WebSummarised yet comprehensive version of import of goods and import of services including discussion on OIDAR service ... GST liability is under FCM i.e. paid by FOREIGN SUPPLIER# GST liability is under RCM i.e. GST to be paid by RECIPIENT Service = Online information & database access or retrieval service [OIDAR service] ITC - recipient … WebMar 30, 2024 · FOLLOWING ARE MAINLY COVERED IN REVERSE CHARGE LIST ADVOCATE (NOT CA) GTA IF RATE IS 5% OR 0% AND MORE THAN 750 (NOT 12%) IMPORT OF SERVICE (NOT GOODS) SECURITY GUARD (If Non Co) RENTING OF MOTOR VEHICLE (Cab Charges/PassengerTransport Charges) Any Service by Director …
Admissibility of ITC under RCM Section 16(4) limitation - TaxGuru
WebMay 24, 2024 · As per Notification no.10/2024 Income Tax , GST is applicable under RCM on import of service if the service is supplied by a person located in non-taxable territory to any person who is located in … WebITC at the rate of 60% is allowed where the Central tax rate on goods is 9% or more; it is allowed at the rate of 40% in other cases. It is allowed only after the payment of applicable tax. It can be taken in the first six tax periods only. Deemed credit is allowed only to traders and not to manufacturers. 2. chicken shawarma casserole
Detailed Analysis of RCM under GST - TaxGuru
WebMay 27, 2024 · The concept of reverse get what introduced in the erstwhile service tax regime w.e.f. 01.07.2012 with the tax has been paid via the recipient off the services received. Now, this concept has also become incorporated lower GST wherein an tax has been charged off the supply of services as good as supply starting goods. WebGoods and Services Tax ( GST) is a successor to VAT used in India on the supply of goods and services. GST is a digitalized form of VAT where you can also track the goods & services. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all … WebJul 18, 2024 · Up-to-date list of services covered under GST reverse Charge Mechanism (RCM) There are two type of reverse charge scenarios provided in GST law. First category is dependent on the nature of supply and/or nature of supplier as per Under Notification No. 13/2024-Central Tax (rates). chicken shawarma comes from where