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RCM Applicability
Is GST RCM applicable on remuneration & interest paid to partners of a Partnership firm? if yes what'll be the rate of GST?
Replies (8)
Quick Summary
No RCM in such case
No Modassir. Reverse Charge Mechanism is not applicable on Remuneration & Interest paid to partners of a Partnership Firm.
Interest paid come under exemption notice and remuneration paid fall under the head of salary and salary not liable to gst
Thanks Sir
Remuneration payable or paid to partner is considered under Business and professional income head and on which gst is applicable.
Dear rajkumar ji
please explain , how????
please explain , how????
Interest is Exempted by Notification 12/2017 CT (r) , under s.no.27 & Salary to partners cover under Schedule III , Hence No GST is applicable on the same.
Thanks for the valuable information
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