Gst under RCM Mechanism
This query is : Open
22 February 2021
Pigmy agents of co-op Banks are unregistered service providers to Banks. Whether Bank has to pay GST under RCM mechanism on commission paid to pigmy agents @ 18 %. If so can the bank claim 100% ITC on GST paid under RCM mechanism. Bank is having both taxable and exempted turnover. Please clarify with Notifications / circulars if any.
22 February 2021
Depends on which option the bank has chosen.
Either it is claiming itc after proportional reversal (actual calculation) or it is reversing under adhoc method
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