Tag: #RCMinGST #ReverseChargeMechanism

Accounts & Record under CGST ACT: Compliance, Evidence & Legal Consequences

Accounts and records under the CGST Act, 2017 form the foundation for self-assessment, return filing, input tax credit, refunds and verification of tax liability. Sections 35 and 36, read with Rules 56, 57 and 58, prescribe requirements relating to maintenance, accessibility and retention of records, including stock, production, advances, tax liability,   Website URL: https://taxguru.in/goods-and-service-tax/accounts-record-cgst-act-compliance-evidence-legal-consequences.html

What is RCM in GST? Reverse Charge Mechanism Made Simple

What is RCM in GST? Reverse Charge Mechanism (RCM) is a process where the recipient, not the supplier, pays GST. It applies to specific goods and services as per GST law. Businesses must understand RCM to ensure proper tax compliance and avoid penalties. This system helps the government track unregistered suppliers and streamline tax collection. Learn how RCM in GST works, its impact on businesses,…