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🔹 Short Summary: RCM on Transport Services (Goods Transport Agency – GTA) 🧾 RCM on GTA Services – At a Glance Condition Taxable Person GST Rate Who Pays GST ITC Allowed GTA issues a consignment note Registered Person 5% (RCM) Recipient Yes GTA opts for forward charge (via Annexure V) GTA 12% (FCM) GTA Yes […]
RCM on Transporter under GST (Goods Transport Agency – GTA) Read More »
Introduction to RCM (Reverse Charge Mechanism) The Reverse Charge Mechanism (RCM) is a pivotal aspect of the Goods and Services Tax (GST) framework in India, fundamentally altering the way tax obligations are assigned between suppliers and recipients of goods and services. Under RCM, the liability to pay tax is shifted from the supplier to the
Understanding RCM: Meaning, Applicability, and Key Considerations under GST Read More »
✅ Use of Input Tax Credit (ITC) for GST Appeal Pre-Deposit What’s New:The Supreme Court has upheld that the 10% pre-deposit for GST appeals can be made using the Electronic Credit Ledger (ECL). Why It Matters:Earlier, only the cash ledger could be used, causing liquidity strain. Now, businesses can use their accumulated ITC instead. Action
Use of Input Tax Credit (ITC) for GST Appeal Pre-Deposit Read More »
E Invoice Update, GST e-invoicing rules are changing. Now, businesses must report invoices within 30 days, while 2FA is mandatory for added security. Additionally, invoice numbers are case-insensitive, and E-Way Bills are limited to 180 days.
