Gst rate on legal fees under rcm

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August undefined, 2024

WebAgriculture Loan – Types, Eligibility, Documents, Purposes, Features, Interest Rates, Repayment Tenure Steps on How To Get Agriculture Loan Subsidy 2024; All About Home Loan In India – Eligibility, Interest Rates, Banks, Purpose, Types, Required Documents, Fees for Housing Loan WebService = other than OIDAR that too not notified in sec 9(5) Invoicing - Section 31(1) GST liability is under FCM i.e. paid by FOREIGN SUPPLIER# GST liability is under RCM i.e. GST to be paid by RECIPIENT Service = Online information & database access or retrieval service [OIDAR service] ITC - recipient Section 16(1) Invoicing - Section 31(3)(f ...

Reverse charge on Legal Charges under GST Lawyers & Legal …

WebLegal services provided under entry 2 (zm) of notification no. 12/2024 – Central tax (rate) on the date, 28.06.2024 defines it as follows- 'Legal service is any service provided in relation to advice, consultancy, or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority'. WebOct 21, 2024 · Kindly let us know whether GST is applicable under RCM for the following fees/expenses spent by a corporate entity involved in manufacturing fmcg. 1) Fees paid for Industry, safety and Health and … hotels in new hampshire

Lawyer & Legal Adviser Liability Under Reverse charge Mechanism …

WebMar 25, 2024 · IS RCM PAYABLE ON LEGAL OR PROFESSIONAL FEES PAID TO AN ADVOCATE UNREGISTERED IN GST AND WHAT WILL BE RATE AND UNDER WHICH NOTIFICATION???? Reply—As per Sl. No. 2 of Notification No. 13/2024-CTR read with Corrigendum to Notification No. 13/2024-CTR dated 25.09.2024, for legal services … WebExample – A trader who is registered in GST takes services of Goods Transport Agency (GTA) for Rs. 10,000. This service is listed under the reverse charge list therefore trader has to pay tax @ 18% on Rs. 10,000 on RCM. WebFeb 10, 2024 · Registration Rules Under RCM. Section 24 of the CGST Act, 2024 states that a person liable to pay GST under the reverse charge mechanism have to … hotels in new hampstead md

Companies told to pay GST on license fee for government schemes

WebRecommendations made by the 40th GST Council Meeting held on 12th June 2024 : 1. Late fee for non-furnishing GSTR-3B from July, 2024 to January, 2024 has been… lilly and 340bWebOct 21, 2024 · Kindly let us know whether GST is applicable under RCM for the following fees/expenses spent by a corporate entity involved in manufacturing fmcg. ... I amend by above view. As per the sl.no.47 notf. … hotels in new hampshire with water slides

"Web2 Answers. Reverse charge application on specified services as per sec. 9 (3). Tax Audit and Account fee not specified in sec. 9 (3). Hence reverse charge in not applicable in this case. RCM on purchase from unregistered dealers u/s 9 (4) applicable on notified goods and services so no need to pay RCM on audit and account fees . " - Gst rate on legal fees under rcm

Gst rate on legal fees under rcm

Goods & Service Tax, CBIC, Government of India :: Sectoral FAQs / …

WebJul 14, 2024 · Sir, According to Sl. No. 2 of Schedule III of CGST Act, 2024 "Services by any court or Tribunal established under any law for the time being in force SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES. However you say that the amonyt payable by you will be paid by the Court as fee to the liquidator. … WebMar 23, 2024 · Should all the business entities that receive legal services pay GST under RCM? No, only those business entities with an aggregate turnover exceeding Rs. 20 lakhs (10 lakhs in the case of special category states) in the immediately preceding financial year is liable to pay GST under RCM. 7. Who are not required to pay GST on reverse charge ...

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WebJan 28, 2024 · Professional service of Rs. 1,00,000/-from XYZ & Co.who is covered under RCM under sec 9(3):-date on 10-7-2024. Professional fee A/C Dr. 1,00,000/- CGST – Input Tax RCM Dr. 9000/- SGST – Input Tax RCM Dr. 9000/- To CGST – Output Tax – RCM: ... 2024 GST rate of slab I need help me; Fund Transfer to spouce and It amount made … WebNov 30, 2024 · RCM Accounting Entries in GST. Suppose GST rate is 5%. For Month of July. CASE I. Payment made within 30 days or 60 days as the case may be for goods or services respectively from the date of issue of invoice. Invoice received on 03-07-17 Payment of Exp. (any exps. Covered under RCM) on 29-07-17

WebMar 9, 2024 · GST on Expense under RCM. Posted on March 9, 2024 ... Nature of Expense: Rate of Tax: Whether registered supplier will levy tax: Reverse Charge(If … WebYes GST under RCM will be applicable on consultancy fees paid to advocate. Yes if can be shown in income tax return even if GST has not been paid on same. Hope you find the …

WebJun 12, 2024 · The company (as a recipient of such services) is required to discharge GST on a reverse charge basis in such cases as per Notification No. 13/2024- Central Tax (Rate) dated 28 June 2024. WebRCM charges need to be paid as per the usual tax rates, directly to the government via Form GSTR-3B.Recipients need to furnish Table 3.1 D of GSTR-3B to pay the GST liable to RCM. Taxpayers can later claim the ITC on such transactions, in table-4A of GSTR-3B of the same month.

WebSep 10, 2024 · Interest Paid for Late Payment Under Import: RCM Applicable? admin September 10, 2024 September 14, 2024 GST services No Comments. ... However, taxpayers may take another view from such ruling is is once business apprehend yours GST legal well on advance, then they are saved since any variation or gap that successively …

WebNov 15, 2024 · Legal services are defined as follows under entry 2 (zm) of notification no. 12/2024 – Central tax (rate) as of the date, June 28, 2024: “Legal services are any services related to advising, consultancy, or assistance in any branch of law, in any manner, and include representational services before any court, tribunal, or authority.” lilly and boWebJan 16, 2024 · Yes, You are right legal services from Advocate is under RCM as per Section 9(3). But if Legal service provided by Advocate to unregistered Person than its … lilly and candaceWebSep 20, 2024 · Articles Compiles list of 84 types of expenses on which we have discussed if GST is applicable or not and if applicable what will be rate of GST and Eligibility for Input … hotels in new hartfordWebLIST OF GOODS AND SERVICES NOTIFIED UNDER REVERSE CHARGE MECHANISM (updated as on 30th September 2024) Government has notified Goods and Services which are subject to GST under Reverse Charge. (I) GOODS Following are Supply of goods under RCM as per section 9(3) of CGST Act are: S. No. Tariff item, sub-heading, … lilly and brownWebNov 1, 2024 · 3. Supply of specific goods. As per the CBEC’s (Central Board of Indirect Taxes and Customs) rules, Reverse Charge Mechanism under GST is applicable on a specific set of goods and services. It is a long list, which you can easily find online. Some of the items in the list are: Cashew nuts. lilly and cocoaWebMay 1, 2024 · 1. Meaning of ‘Legal Services’ : ‘Legal Services’ means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority– Notification No. 12- Central Tax (CT) (Rate) dated 28.06.2024. Analysis 1 : Legal Services can ... hotels in newhavenWebMar 23, 2024 · Should all the business entities that receive legal services pay GST under RCM? No, only those business entities with an aggregate turnover exceeding Rs. 20 … hotels in newhouse motherwell