RCM Applicability

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112 Points Posted on 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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On 09 April 2020 at 23:04 Report
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Quick Summary
This discussion clarifies the applicability of GST Reverse Charge Mechanism (RCM) on remuneration and interest paid to partners of a partnership firm. The consensus is that RCM is not applicable. Interest paid to partners is covered under an exemption notification, and remuneration is treated similarly to salary, which is not liable for GST.

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Student
290 Points Posted on 10 April 2020
No RCM in such case
2 Reply
On 10 April 2020 at 00:13
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Student
23693 Points Posted on 10 April 2020
No Modassir. Reverse Charge Mechanism is not applicable on Remuneration & Interest paid to partners of a Partnership Firm.
2 Reply
On 10 April 2020 at 00:48
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227 Points Posted on 10 April 2020
Interest paid come under exemption notice and remuneration paid fall under the head of salary and salary not liable to gst
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On 10 April 2020 at 04:35
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112 Points Posted on 10 April 2020
Thanks Sir
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On 10 April 2020 at 05:56
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602 Points Posted on 10 April 2020
Remuneration payable or paid to partner is considered under Business and professional income head and on which gst is applicable.
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On 10 April 2020 at 11:24
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227 Points Posted on 10 April 2020
Dear rajkumar ji

please explain , how????
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On 10 April 2020 at 11:28
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GST Practitioner
55067 Points Posted on 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.
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On 10 April 2020 at 11:59
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112 Points Posted on 10 April 2020
Thanks for the valuable information
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On 10 April 2020 at 12:14

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