GST RCM on Renting of Vehicle

Last updated: 21 September 2020
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This document explains the Goods and Services Tax (GST) Reverse Charge Mechanism (RCM) applicable to the renting of vehicles. It details the specific notifications and conditions under which RCM applies, particularly when vehicles are rented by body corporates from non-body corporate service providers. The guide clarifies the applicable tax rates (IGST at 5% or CGST at 2.5%) and highlights that RCM payments are typically made in cash with no input tax credit available. It's useful for businesses, finance professionals, and anyone involved in vehicle rentals to understand their GST obligations.

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Submitted by · Posted 21 September 2020 · Other files by CA Ashish Hemant Gandhi · Report
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