Reverse Charge Mechanism in GST- Basic Section 9
Reverse Charge Mechanism (RCM) – GST Ready Reckoner
GST
Reverse Charge Mechanism in GST- Basic
\nBefore going ahead we should first understand the meaning of following terms
\n“Supplier”
\n“Recipient”
\n“Taxable Person”
\n“Agriculturist”
\n“Business Entity”
\n“Body corporate”
\n“Registered Person”
\nWhat is the reverse charge Mechanism
\nUnder GST Generally, the supplier of goods or services is liable to pay GST. Reverse Charge Mechanism (RCM) 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.
\nThe objective of shifting the burden of GST payments<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n specified section 22(1) of CGST Act,2017, by virtue of section 24(iii) of CGST Act, 2017. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of supply is the point when the supply is liable to charge GST. One of the factors relevant for determining time of supply is the person who is liable to pay tax. In RCM, recipient is liable to pay GST. Thus, time of supply for supplies under RCM is different from the supplies which are under forward charge. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Reverse Charge Mechanism in GST- Basic Section 9Reverse Charge Mechanism (RCM) – GST Ready ReckonerGSTReverse Charge Mechanism in GST- Basic Before going ahead we should first understand the meaning of following terms “Supplier” “Recipient” “Taxable Person” “Agriculturist” “Business Entity” “Body corporate” “Registered Person” What is the reverse charge Mechanism Under GST Generally, the supplier of … Continue reading “Reverse Charge Mechanism in GST- Basic Section 9”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7096","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7096"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7096\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n * This section 24 override section 22 but not section 23 of CGST Ac, 2017 .
\n * Section 22 provides for exemption from registration when aggregate turnover does not exceed Rs. 20 lakhs.
\n * section 23 provides for exemption from registration to those who are exclusively engaged in supply of goods or services or both which are not liable too tax or are wholly exempt and & to an agriculturist, to the extent of supply of produce out of cultivation of land.
\n * Person who are exempt from registration under section 23 of CGST Act are not required to register under section 24 of CGST Act.
\n2. Payment and Input Tax Credit<\/p>\n
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\n * Section 12(3) of CGST Act, 2017 deal with the time of supply of goods, in case of supplies of goods in respect of which tax is paid or liable to be paid on reverse charge basis.
\n * Section 13(3) of CGST Act, 2017 deal with the time of supply of services, in case of supplies for Services in respect of which tax is paid or liable to be paid on RCM basis.
\n4. Maintenance of accounts by registered persons: Every registered person is r<\/p>\n
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