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RCM Applicability

09 April 2020

Is GST RCM applicable on remuneration & interest paid to partners of a Partnership firm? if yes what'll be the rate of GST?

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8 Replies

mvramana (Student) (285 Points)
Replied 10 April 2020

No RCM in such case

2 Like

Shivam RC (Student) (23683 Points)
Replied 10 April 2020

No Modassir. Reverse Charge Mechanism is not applicable on Remuneration & Interest paid to partners of a Partnership Firm.

2 Like

inderjeet saini (227 Points)
Replied 10 April 2020

Interest paid come under exemption notice and remuneration paid fall under the head of salary and salary not liable to gst

1 Like

Modassir Jamal (112 Points)
Replied 10 April 2020

Thanks Sir

Rajkumar Patel (602 Points)
Replied 10 April 2020

Remuneration payable or paid to partner is considered under Business and professional income head and on which gst is applicable.

inderjeet saini (227 Points)
Replied 10 April 2020

Dear rajkumar ji

please explain , how????

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 10 April 2020

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.

Modassir Jamal (112 Points)
Replied 10 April 2020

Thanks for the valuable information

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