GST of Bank's Recovery/collection Agent firm. Q: Do we need to put tick on "supplies attract reverse charge" or we should file it Nil as the agent is not raising invoice. Bank just send money to his bank account and pays GST under reverse charge
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Quick Summary
This discussion addresses the Goods and Services Tax (GST) implications for recovery agent firms. A key question is whether to tick 'supplies attract reverse charge' or file a nil return when a bank pays an agent directly. The consensus leans towards disclosing under reverse charge if the agent has GST registration, even if the bank generates the invoice. It's advised to obtain bank statements promptly to file accurate turnover details rather than nil returns.
Agent is having gst but the bank only generate the invoice .. so we are not able to get the actual details on time. this is why we have shown it as nill rated. Is that not true?