Section 25(5) of CGST Act, 2017 provides that every person shall have a Permanent Account Number issued under the Income-tax Act, 1961 to be eligible for grant of registration.
Input Tax Credit is the backbone of this whole GST mechanism.
Let's look at the critical provisions of the GST law which have enabled reverse charge mechanism :-
Introduction of new indirect tax structure in form of GST looks more certain from 1st July 2017
India is rapidly moving towards its biggest Indirect Tax reform, the implementation of Goods & Services Tax (GST). In current economic environment, there is
Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices.
Brief comparison on levy aspects under GST
Levy of, and Exemption from, GSTThere shall be levied a tax called the Central/State Goods and Services Tax (CGST/SGST) on all intra-State supplies of goods and...
Definition of Business Vertical
GST - Overview, Registration & Returns
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English