I understand that on Importing of Goods/services for which GST is not charged, we will need to reverse charge mechanism. As currently the RCM is delayed till March, are imports essentially not taxed?
3 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 30 October 2017
RCM abolished only for Sec 9(4) i.e. purchased from registered dealer..
This transaction covered in Sec 9(3) i.e specified service list. So iyou are required to pay tax essentially on this.
This transaction covered in Sec 9(3) i.e specified service list. So iyou are required to pay tax essentially on this.
M Agarwal
(Consultant)
(228 Points)
Replied 30 October 2017
Okay, thanks. Is there any exemption limit? Like if purchase is less than 4000 then no need to do RCM?
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 30 October 2017
No exemption limit for GTA...
Only freight upto Rs.750/- is exempted from tax.....
Only freight upto Rs.750/- is exempted from tax.....
Recent Topics
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
Related Threads
CAclubindia
