In the normal GST system, it's the responsibility of the supplier of goods and/or services to charge and collect the tax as per the GST law from the recipient and deposit the same with the government. In Reverse Charge Mechanism (RCM), the responsibility for paying the tax shifts from the supplier to the recipient of the goods and/or services.Reverse charge mechanism (RCM) … [Read more...] about GST under RCM on services supplied by directors
Goods and Services Tax
How to identify a fake GST bill? A challenge for compliance and integrity
Under Goods and Services Tax (GST) law, a bill or invoice is issued by the supplier as documentary evidence to prove that supply of goods and/or services has taken place. GST bills or invoice are used by the receiver to settle claims and file for input tax credit (ITC).A fake GST bill can be raised to falsely claim to comply with GST law. This helps fraudsters to evade … [Read more...] about How to identify a fake GST bill? A challenge for compliance and integrity
What are the invoices issued under goods and services tax (GST) law?
Under GST, invoices must be issued for every taxable supply of goods or services. Invoice acts as official proof of a transaction between the supplier and the recipient. It help businesses comply with GST laws and regulations, ensuring accurate tax reporting and payment.The recipient must have a valid invoice to substantiate their input tax credit claim under … [Read more...] about What are the invoices issued under goods and services tax (GST) law?
GST on a Goods Transport Agency (GTA) under both FCM and RCM
Goods Transport Agency refers to a business or entity that provides transportation services of goods by road and issues consignment notes, by whatever name called.As only the term road is used in the definition, rail, sea or air transportation of goods does not get covered within the ambit of GTA.A goods transport operator who does not issue a consignment note cannot be … [Read more...] about GST on a Goods Transport Agency (GTA) under both FCM and RCM
Who should file GST Reconciliation Statement in Form GSTR-9C?
A GST reconciliation statement is a reconciliation between the details filed as per the GST annual return in form GSTR-9 and details are per audited financial statement. The main objective of the GST reconciliation statement is to make sure that the turnover declared, taxes paid, refund claimed, and input tax credit availed are reconciled between the GST annual return and … [Read more...] about Who should file GST Reconciliation Statement in Form GSTR-9C?