Tax Connect
madhuvridhi
Tag: RCM
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Self Invoicing in cases of Reverse Charge Mechanism (RCM)
Self Invoicing in cases of Reverse Charge Mechanism (RCM). all GST-registered recipients liable under RCM must issue self-invoices within 30 days of supply receipt.
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RCM Liability/ITC Statement
To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called “RCM Liability/ITC Statement” has been introduced on the GST Portal.
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Valuation of supply of import of services by a related person where recipient is eligible to full input tax credit
In case of import of services by a registered person in India from a related person located outside India, the tax is required to be paid by the registered person in India under reverse charge mechanism. In such cases, the registered person in India is required to issue self-invoice under section 31(3)(f) of CGST Act…
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Availing ITC in case of supplies received from unregistered suppliers in respect of RCM supplies
It is being clarified that in cases of supplies received from unregistered suppliers, where tax has to be paid by the recipient under reverse charge mechanism (RCM) and where invoice is to be issued by the recipient