The document discusses the reverse charge mechanism under GST. It provides an introduction to reverse charge and explains that in some cases, the liability to pay tax shifts from the supplier to the recipient of goods or services. It lists various goods and services that are subject to reverse charge as specified by the government. It also discusses key aspects of reverse charge like applicable recipients and suppliers, time of supply, and implications for composition scheme registrants.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
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The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
GST rolled out in India from 01/07/2017. Changes have been made very frequently. I have made an attempt to clarify the GST law related to exports/SEZ supplies and Deemed exports, issues in GST law vis-a-vis exports/SEZ supplies and Deemed exports.
Suggestions and queries are cordially invited.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
#GST Invoice Under Reverse Charge & Other Compliance's# By SN Panigrahi SN Panigrahi, PMP
#GST Invoice Under Reverse Charge & Other Compliance's# By SN Panigrahi,
Essenpee Business Solutions,
Understanding Reverse Charge Mechanism (RCM),
Manner of Payment of GST under Reverse Charge,
Availing Input Tax Credit (ITC) on Reverse Charge by Recipient,
Reporting RCM Details in GSTR -1,
Reporting RCM Details in GSTR – 3B,
Availing ITC by the Recipient,
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
GST rolled out in India from 01/07/2017. Changes have been made very frequently. I have made an attempt to clarify the GST law related to exports/SEZ supplies and Deemed exports, issues in GST law vis-a-vis exports/SEZ supplies and Deemed exports.
Suggestions and queries are cordially invited.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
#GST Invoice Under Reverse Charge & Other Compliance's# By SN Panigrahi SN Panigrahi, PMP
#GST Invoice Under Reverse Charge & Other Compliance's# By SN Panigrahi,
Essenpee Business Solutions,
Understanding Reverse Charge Mechanism (RCM),
Manner of Payment of GST under Reverse Charge,
Availing Input Tax Credit (ITC) on Reverse Charge by Recipient,
Reporting RCM Details in GSTR -1,
Reporting RCM Details in GSTR – 3B,
Availing ITC by the Recipient,
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
GST NOTES FOR INDIAN STUDENTS JAMIA HAMDARDAmanHamza4
Taxable event and point of time for payment of tax were two different aspects under indirect tax law in pre GST era. In this heading we shall only be dealing with the subject of levy under GST regime i.e taxable event for the purpose of levy of GST.
In any fiscal statute, the most important section in the charging section of such statute. Under GST regime subject of levy of GST is dealt in
-- Section 9 of the Central Goods and service Tax Act [CGST Act]/ state Goods and service Tax Act [SGST]
and
--- Section 9 of the integrated goods and service tax Act [IGST Act]
Thus section 9 of CGST Act/SGST Act and section 5 of IGST Act are the charging sections for the purpose of levy of GST
CGST and SGST shall be levied on all Intra-state supplies of goods and or services
IGST shall be levied on all inter-state supplies of goods or services
Normally, CGST and SGST or IGST is payment by the supplier of the goods and services and the same is known as forward charge of levy of GST.
In some cases CGST and SGST or IGST is payable by the recipient of goods and services which and the same is known as reserve charge of levy of GST
As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the
public domain on 14th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable
way forward with optimism to see it implemented in full swing by April 2017.
GST is a destination based value added tax which will remove trade barriers and create one common Indian market. By providing
seamless credit of input tax across entire supply chain, it will remove the cascading effects of tax, thereby reducing the cost of
indigenous goods and services and making them more competitive in the international market.
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
2. Introduction
In terms of section 9(1) of Central Goods and Services Tax
Act, 2017, Central Goods and Services Tax (CGST) shall be
levied on all intra-state supplies of goods & services or
both except the supply of alcoholic liquor for human
consumption.
In terms of section 5(1) of Integrated Goods and Services
Tax Act, 2017, Integrated Goods and Services Tax (IGST)
shall be levied on all inter-state supplies of goods &
services or both except the supply of alcoholic liquor for
human consumption.
In short it is the supplier of goods / provider of services
who are liable to pay the tax to the Government. 2
3. Liability Reverse Charge mechanism
“Reverse charge” means 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 2(98) of
CGST Act.
by virtue of section 9(3) of Central Goods and Services Tax
Act, 2017 and section 5(3) of Integrated Goods and Services
Tax Act, 2017, the Government on recommendations of
council may specify categories of supply of goods or
services or both wherein tax shall be paid under reverse
charge.
Govt has issued Notification specifying the goods, Services
which are liable to tax under Reverse charge Mechanism under
section 9(3) / 5(3)
3
4. Sec 9 (3) of CGST Act
The Government may, on the recommendations of the
Council, by notification, specify categories of supply of goods
or services or both, the tax on which shall be paid on reverse
charge basis by the recipient of such goods or services or
both and all the provisions of this Act shall apply to such
recipient as if he is the person liable for paying the tax in
relation to the supply of such goods or services or both.
Similar provision is made in the IGST Act as well as state GST
Acts.
As per section ( (4) supply of goods/ services who is not
registered to REGISTERED Person , Tax shall be paid by the
recipient . Similar provision is availabe in IGST & SGST Acts.
As well.
4
5. Applicable to listed goods/ services
Payment of GST Reverse charge may be applicable in case
of supply of notified goods / services or both.
Reverse charge is also applicable in case of supply by
an UNREGISTERED person to a REGISTERED
person, where such supply is of taxable goods or
services
Exempt supply received from an un-registered person
is not covered under reverse charge mechanism
Government does not ask the recipient of supply to pay
tax under reverse charge mechanism if such supply is
exempt under GST. Even in case some supplies are exempt
conditionally, the same is excluded from the purview of
reverse charge mechanism subject to those conditions 5
6. Who is liable to pay tax under reverse
charge mechanism?
liability to pay tax under RCM not only depends upon
category of goods or services, but it also depends upon the
category of recipient, category of supplier and place of
provision of such supplies.
Under reverse charge mechanism, liability to pay tax on a
particular supply is on the recipient of supply .Exception is
provided under section 9 (5)
The Government may, on the recommendations of the
Council, by notification, specify categories of services the tax
on intra State supplies of which shall be paid by the
electronic commerce operator if such services are supplied
through it, and all the provisions of this Act shall apply to
such electronic commerce operator as if he is the supplier
liable for paying the tax in relation to the supply of such
services
Radio TRadio Taxi / passenger trasnport through electronic commerce operator.axi / passenger trasnport through electronic commerce operator.
RCM by Electronic Commerce operator.RCM by Electronic Commerce operator. 6
7. Time of supply in case of RCM
Where RCM is applicable, time of supply shall be the earliest of
the following dates, namely:
the date of the receipt of goods; or
the date of payment as entered in the books of account of
the recipient; or
the date on which the payment is debited in his bank
account, whichever is earlier; or
the date immediately following thirty days from the date of
issue of invoice or any other document, by whatever name
called, in lieu thereof by the supplier.
When it is not possible to determine the time of supply as
above, the time of supply shall be the date of entry in the
books of account of the recipient of supply
7
8. Goods covered under Reverse charge
Sr No HSN code Description of
supply of good
Supplier of goods Recipient of
supply
1 0801 Cashew nuts, not
shelled or peeled
Agriculturist Registered Person
2
1404 90 10 Bidi wrapper
leaves (tend
Agriculturist
Registered Person
3
2401 Tobacco leaves Agriculturist
Registered Person
4
5004 to 5006
Silk Yarn Any person who
manufactures silk yarn
from raw silk
Registered Person
5
Supply of lottery State Government,
Union Territory
Lottery distributor
or selling agent.
8
9. Services covered under Reverse charge
Sr No HSN code/ Rate
of tax
Description of
supply of
Services
Supplier of
Servicea
Recipient of supply
1 996791
5% GST.
Transport of goods
by road
Good Transport
Agency
1) Factory
2) Society
3) Registered in GST
Act.
4) Body Corporate
5) Firm
6) Casual Person
located in a taxable
territory
2 998211
18%
Services by
Advocate / Sr.
Advocate –
representational
Services by
Advocate / Sr.
Advocate
Any business entity
located in the taxable
territory.
3 998215
18%
Arbitral Tribunal Arbitral Tribunal Any business entity
located in the taxable
territory
9
10. Services covered under Reverse charge
Sr No HSN code Description of
supply of
Services
Supplier of
Services
Recipient of supply
4 998397
18%
sponsorship to
any body
corporate or
partnership
firm.
Any person Any body corporate
or partnership
firm located in
the taxable
territory.
5
18%%
Services by Govt
Excluding 1)
Renting, 2)Post
office by way of
Speed post, life
insurance, 3) Air
Craft/ Vessel in a
port or Airport.,
4) Transport of
goods &
passengers
Central t, State Govt
Union Territory or
Local Authority
Any business entity
located in the
taxable territory
10
11. Services covered under Reverse charge
Sr No HSN code Description of
supply of
Services
Supplier of
Services
Recipient of supply
6 999799
18%
Services by
Director to a
body corporate/
Company
A director of the
company
The company or a
body corporate
located in the
taxable territory.
7 997161
18%
Insurance
Agent
Insurance Agent Any person carrying
on insurance
business, located in
the taxable territory.
8 999799
18%
A recovery agent A recovery agent A banking company
or a financial
institution or a non-
banking financial
company, located in
the taxable territory.
11
12. Services covered under Reverse charge
Sr No HSN code Description of
supply of
Services
Supplier of
Services
Recipient of supply
9 999632
18%
by an author,
music
composer,
photographer,
artist or the like
by way of
transfer or
permitting the
use or
enjoyment of a
copyright
Author or music
composer,
photographer,
artist, or the like
Publisher, music
company,
producer or the
like, located in
the taxable
territory.
.
12
13. Services covered under RCM
Services on which reverse charge was applicable in
earlier law are now out of reverse charge. They are:-
To be provided by mutual fund agent or distributor to a
mutual fund or asset management company.
• To be provided by a selling or marketing agent of
lottery tickets to a lottery distributor or selling agent.
• Renting of motor vehicle except through e-commerce
operators.
• Supply of manpower or security service.
• Work Contract Service
After 1After 1stst
July 2017, Reverse charge are applicable as per subJuly 2017, Reverse charge are applicable as per sub
section 3,4 of section 9 of the GST Act.section 3,4 of section 9 of the GST Act.
13
14. Services covered under RCM (9) 4
(4) The central tax in respect of the supply of taxable
goods or services or both by a supplier, who is not
registered, to a registered person shall be paid by such
person on reverse charge basis as the recipient and all
the provisions of this Act shall apply to such recipient as
if he is the person liable for paying the tax in relation to
the supply of such goods or services or both.
Thus any supply of goods, service or both by unregisteredThus any supply of goods, service or both by unregistered
person to a registered person will be covered under thisperson to a registered person will be covered under this
section.section.
There is a general Exemption to the extent of Rs. 5000/- perThere is a general Exemption to the extent of Rs. 5000/- per
day up to which payment of GST under RCM by Registeredday up to which payment of GST under RCM by Registered
person is exempted.person is exempted.
14
15. Composition Scheme & RCM
Section 2(62) says that “input tax” does not include the
tax paid under the composition levy.
Here the word used are “under” and “levy” and not “by”
and “dealer/person”. Also section 10(1) state that
Composition scheme does not affect the liability of the
dealer to pay tax under reverse charge mechanism.
Also section 10(4) state that Composition dealer shall
not be entitled to any credit of input tax. So it can be
interpreted that a composition dealer shall not claim
credit of tax paid under Reverse Charge Mechanism.
Also composition dealer shall pay tax under Reverse
Charge Mechanism at normal rate of tax applicable to
such supply and not at the rate applicable for his
category. 15
16. Composition Scheme & RCM
Section 2(62) says that “input tax” does not include the
tax paid under the composition levy.
Here the word used are “under” and “levy” and not “by”
and “dealer/person”. Also section 10(1) state that
Composition scheme does not affect the liability of the
dealer to pay tax under reverse charge mechanism.
Also section 10(4) state that Composition dealer shall
not be entitled to any credit of input tax. So it can be
interpreted that a composition dealer shall not claim
credit of tax paid under Reverse Charge Mechanism.
Also composition dealer shall pay tax under Reverse
Charge Mechanism at normal rate of tax applicable to
such supply and not at the rate applicable for his
category. 16