WebAgriculture Loan – Types, Eligibility, Documents, Purposes, Features, Interest Rates, Repayment Tenure Steps on How To Get Agriculture Loan Subsidy 2024 WebApr 14, 2024 · Ans Section 16 deals in Input Tax Credit mechanism, which allow the Taxpayer to adjust the Input Tax Credit against the GST Output Tax Liability. ... other …
Reverse Charge Mechanism (RCM) under GST - Taxmann
WebApr 13, 2024 · 1. raise the minimum threshold of tax amount for launching prosecution under GST from Rs, One Crore to Rs. Two Crores, except for the offence of issuance of invoices without supply Of goods or services or both 2. reduce the compounding amount from the present range of 50% to 150% of tax amount to the range of to 100% 3. WebApr 23, 2024 · Section 9 (3) of the CGST Act, 2024 empowers the Central Government to notify certain goods and services on which GST shall be paid by the Receiver of Goods and/or Services under Reverse Charge Basis. Similar provision is also there in IGST Act, 2024 and respective State GST And UTGST Acts. lakko poppy
Accounting Treatment of Reverse Charge Mechanism (RCM) under GST …
WebSep 3, 2024 · In accordance with Notification No. 11/2024- Central Tax (Rate) dated 28th June, 2024, GST under Reverse Charge Mechanism is payable on supply of services by a goods transport agency (GTA) in respect of transportation of goods by road to- -any factory registered under or governed by the Factories Act, 1948 (63 of 1948);or WebDec 28, 2024 · Reverse Charge details in returns. Reverse charge mechanism in GST is applicable in the following 3 scenarios: Details of outward supply of notified goods and/or … WebApr 13, 2024 · GST Payable (10,00,000 × 5 %) + (47,00,000 × 18%) = 50,000 + 8,46,000: 8,96,900: ... The above time limit is not applicable to supplies that are liable to tax under reverse charge mechanism. Question 39. A person becomes liable to pay tax on 1st August, 2024 and has obtained registration on 15 th August, 2024. Such person is … lakko proliitto