we are a license trader. we receive commission on negotiating/transfer of license. Party gives commission debit note without Gst as he is unregistered.
do we need to pay gst on rcm.
Yes, GST is applicable to Commission Income. If you are a registered person then you have to mandatorily charge GST in your Invoice.
If you are not a registered person than if the commission is more than Rs 5000 then the person who is paying commission has to pay GST under Reverse Charge Mechanism ( This provision is temporarily suspended).
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
