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tax payable under RCM

Rakesh Kalra (6 Points)

25 September 2017

A registered person purchased a generator(capital asset) from an unregistered person, is he liable to pay tax under RCM

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2 Replies

RAMESH KUMAR SINGLA (PROFESSIONAL) (1777 Points)
Replied 25 September 2017

Yes. Pay the tax and take credit under RCM.

Abhishek kumar (a) (61 Points)
Replied 25 September 2017

RCM means where receipent of goods & service pay tax. on .
under GST Act there is list where reciepent is liable to pay tax. some example are. legal service,( both advocate & arbitral terbunal,) goods trnspt. agency, insurance agent, director non govt. non executive service,etc.
one other point also include that if a registered person recd. a supply from unregistered more than 5k per day. is also liable to pay tax under rcm.
Although if payment is made will hit electronic cash ledger and of not paid adjust with output liability.
hope it will help.
Thnks.