Gst Presentation.pptx

GST PRESENTATION Study of Reverse Charge Mechanism under GST Regime

APPLICABILITY  Supply

from an Unregistered dealer to a registered dealer

 Services

through an E-Commerce Operator

 Supply

of certain goods and services specified by CBEC (Central Board of Excise and Customs)

Time of Supply Under GST In Case of Goods

In Case of Services

Reverse Charge

Forward Charge 1. Meaning



Mechanism where supplier of goods is liable to pay tax

2. Registration  Registration is required once a supplier meets the threshold limit.



Receiver of service will be liable to pay GST.



All the people required to pay tax under RCM have to register themselves for GST irrespective of threshold.

3. Supplier



A supplier can only be a registered supplier. An unregistered supplier cannot collect tax.



A supplier can also be a registered supplier in case of supply of notified goods or services.

4. Recipient



A recipient can be a registered or an unregistered person.



A recipient should be registered in RCM.

INPUT TAX CREDIT

RELEVANT UPDATES 

28th May, 2018 – Priority Sector Lending Certificate included under Reverse Charge Mechanism.



6th August, 2018 – RCM deferred to 30th September, 2019 (in case of supplies made by unregistered person to registered persons0



ITC cannot be used to pay output tax, which means that payment mode is only through cash under RCM.

CASE STUDY : SWEDEN