12 October 2012
At present 12 services are covered under RCM. For details refer to Notification No 30/2012-St dated 20th June, 2012 wherein 10 services like sponsorship, payment of non residents, GTA, work contract etc under RCM were notified and Notif No 45 & 46 / 2012-ST dated 7th August, 2012 wherein 2 services were notified.
Concept of partial reverse charge has also been introduced for first time wherein both service provider and reciever are liable to pay tax proportionately as mandated....
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