CA PRASAD KSHIRSAGAR (CA Practice ) (148 Points)
13 November 2013Dear All, I have a question: Is the reverse charge mechanism applicable to co-op banks, credit societies and housing societies?
Please do reply
Thanks and regards!
CA Prasad Kshirsagar..
CA Kanagaraj R
(CA, CS & CWA)
(86 Points)
Replied 16 November 2013
In case of societies registered under Societies Registration Act, 1860 or any other law, following services will be liable for reverse charge mechanism:
1. GTA services
2. Support services from Govt
3. Legal services
4. Arbitral tribunal
5. Import of services
CA PRASAD KSHIRSAGAR
(CA Practice )
(148 Points)
Replied 17 November 2013
Dear Sir,
Thank you for your kind response. However, applicability to Co-op Banks, and credit societies is not yet answered..Plz have your views..Thanks..
CA Kanagaraj R
(CA, CS & CWA)
(86 Points)
Replied 18 November 2013
For a society, all the above mentioned services are liable under RCM.
If the society is ordinarily carrying out any activity relating to industry, commerce or any other business or profession; [Commercial nature]
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 19 November 2013
Dear Sir,
I agreewith all opinion.
Thanking you
( Harendra Kumar )
ARPITA VINODKUMAR MEHTA
(ARTICLE)
(88 Points)
Replied 20 November 2013
RESPECTED ALL,
ON WHICH AMOUNT T.D.S. SHOULD BE DEDUCTED U/S 194C WHEN PARTIAL REVERSE CHARGE MECHANISM IS APPLICABLE AND 25% OF SERVICE TAX IS PAID BY SERVICE PROVIDER.T.D.S. SHOULD BE DEDUCTED ON AMOUNT INCLUSIVE OF SERVICE TAX OR EXCLUSIVE OF SERVICE TAX?
CAclubindia
