WebAug 19, 2024 · 19 August 2024 i have purchase goods from unregistered person around 1486129 value and gst @ 5% 74306 rs value. outward supply 1600759 /- gst @ 5% … WebYes, you can file your year-end with a debit balance for GST Payable. For financial statement presentation, you should reclassify the account balance as GST Refundable …
Reverse Charge Mechanism - TaxGuru
A supplier cannot take the GST paid under the RCM as ITC. The recipient can avail of ITC on GST amount paid under RCM on receipt of goods or services, only if such goods or services are used or will be used for business purposes. The recipient cannot use the ITC to pay output GST on goods or services under … See more Typically, the supplier of goods or services pays the tax on supply. Under the reverse charge mechanism, the recipient of goods or services becomes liable to pay the tax, i.e., the chargeability gets reversed. The objective of shifting … See more Section 9(3), 9(4) and 9(5) of Central GST and State GST Acts govern the reverse charge scenarios for intrastate transactions. Also, sections 5(3), 5(4) and 5(5) of the Integrated GST Act govern the reverse charge … See more Section 24 of the CGST Act, 2024 states that a person liable to pay GST under the reverse charge mechanism have to compulsorily register under GST. The threshold limits of Rs.20 lakh or Rs.40 lakh, as the case … See more A. Time of supply in case of goods In case of reverse charge, the time of supply for goods shall be the earliestof the following dates: 1. the date of receiptof goods 2. the date of payment* 3. … See more WebMar 25, 2024 · Supplies (Goods or Services or both) which attracts the tax liability under reverse charge mechanism (RCM) and the availability of the same as input tax credit as per the GST Provisions are discussed in detail below. ... Claim of input tax credit and provisional acceptance thereof. ... if we go through the same scenario in GST also, 2 nd ... pay ticket maine
Impact of GST on Taxi (Cab) Services in India - GST Rate on Car …
WebSep 17, 2024 · if i paid gst on reverse charge can i tak credit this if i supply wholly exmpted goods and my registration are reguler tax payer - GST ITC / Input. Site. Courses. Login … WebAug 19, 2024 · 19 August 2024 i have purchase goods from unregistered person around 1486129 value and gst @ 5% 74306 rs value. outward supply 1600759 /- gst @ 5% 80038 . pls suggest me what will be tax liability in july month. can i claim itc of reverse charge goods or not pls tell me..... WebOct 11, 2024 · Chela: Guruji, I have imported some services during the financial year 2024-19, However, I have skipped to discharge the tax liability under reverse charge basis.Can I Pay the Tax post September 2024. … pay ticket louisiana state police