Continue or not?
16 Replies
Amit Prakash Singh
(118 Points)
Replied 06 October 2017
Reverse Charges Mechanism deferred till March 31,'18.
Ankit Bansal
(54 Points)
Replied 06 October 2017
Is it means there is no need to pay rcm for the month of September and upto March?
Amit Prakash Singh
(118 Points)
Replied 06 October 2017
Is Rs 5000 per day limit for RCM also suspended ?
Amit Prakash Singh
(118 Points)
Replied 06 October 2017
As RCM is defferd so limit of Rs 5000 will continue or not ?
findingnemo
(ww)
(32 Points)
Replied 06 October 2017
I have not filed GST returns for July, August and September. Now the reverse mechnaism which I had to pay before has been deferred. Do I still need to pay reverse tax for previous months? I know I still have to file returns but do I need to also pay the reverse charge for July, August and September?
Raman Singla
(Accounts Services)
(167 Points)
Replied 06 October 2017
yes...even u can claim reverse charge in same month
findingnemo
(ww)
(32 Points)
Replied 06 October 2017
Raman Singla @ I am sorry, I didnt understand that. Can you explain? Thanks.
Insightful thinking
(Manager)
(42 Points)
Replied 06 October 2017
Recommendation made by the GST Council in its 22nd Meeting held today under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley in the national capital.
Quote
6. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be reviewed by a committee of experts. This will benefit small businesses and substantially reduce compliance costs.
Unquote
Above recommendation is under consideration.
Quote
6. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be reviewed by a committee of experts. This will benefit small businesses and substantially reduce compliance costs.
Unquote
Above recommendation is under consideration.
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