RCM Applicability
Modassir Jamal (112 Points)
09 April 2020
Is GST RCM applicable on remuneration & interest paid to partners of a Partnership firm? if yes what'll be the rate of GST?
8 Replies
Shivam RC
(Student)
(23683 Points)
Replied 10 April 2020
No Modassir. Reverse Charge Mechanism is not applicable on Remuneration & Interest paid to partners of a Partnership Firm.
inderjeet saini
(227 Points)
Replied 10 April 2020
Interest paid come under exemption notice and remuneration paid fall under the head of salary and salary not liable to gst
Rajkumar Patel
(602 Points)
Replied 10 April 2020
Remuneration payable or paid to partner is considered under Business and professional income head and on which gst is applicable.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 10 April 2020
Interest is Exempted by Notification 12/2017 CT (r) , under s.no.27 & Salary to partners cover under Schedule III , Hence No GST is applicable on the same.
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