WHAT ARE THE CONSEQUENCES (INTEREST OR PENALTY OR BOTH) IF RCM WAS NOT PAID BY THE RECEPIENT OF SERVICE?
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TAX NOT PAID UNDER RCM
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No ITC allowed on the furtherence supply of taxable goods from URP.If rcm supply made by TP,he will b try to make cash deposit as gst in the cash ledger,on the basic of rcm taxable value of goods .
Interst and plenty both impose to recepient
No... penalty if you deposit the same voluntary. So pay tax & interest.
There are certain conditions on which rcm is being paid.
Interest in gst
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