Which services are covered under RCM in GST?
Table of Contents
Which services are covered under RCM in GST?
SERVICES UNDER REVERSE CHARGE AS APPROVED BY GST COUNCIL
| Sl. No. | Provider of service | Percentage of service tax payable by service provider |
|---|---|---|
| 1 | Any person who is located in a nontaxable territory | Nil |
| 2 | Goods Transport Agency (GTA) | Nil |
| 3 | An individual advocate or firm of advocates | Nil |
| 4 | An arbitral tribunal | Nil |
Is RCM applicable on arbitration fees?
√ So only the services provided to any business entity by any arbitration tribunal would be subject to GST and 100\% reverse charge is there in that case. I.e. GST will be paid by person who seeks appointment of an arbitrator.
What are the services provided by arbitral tribunal?
Services provided by an Arbitral tribunal – Reverse Charge – Service Tax. Meanings and Definitions: Section 65B(17) “business entity” means any person ordinarily carrying out any activity relating to industry, commerce or any other business or profession; As per Notification no.
Who is liable to pay under RCM?
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply.
Who are liable for GST registration?
Who should register for GST? All the businesses supplying goods whose turnover exceeds INR 40 lakh in a financial year are required to register as a normal taxable person. However, the threshold limit is INR 10 lakh if you have a business in the north-eastern states, J&K, Himachal Pradesh, and Uttarakhand.
Who is liable for GST in India?
supplier of goods
Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.
What is arbitral tribunal under ADR?
An arbitral tribunal or arbitration tribunal, also arbitration commission, arbitration committee or arbitration council is a panel of unbiased adjudicators which is convened and sits to resolve a dispute by way of arbitration.
What is arbitral tribunal in India?
(i) “Arbitral Tribunal” means an arbitrator or arbitrators appointed for determining a particular dispute or difference. (ii) “Arbitral Award” includes an interim award. (iv) “Council” means the Indian Council of Arbitration. (v) “Governing Body” means the Governing Body of the Council.
Who are the persons liable and not liable for registration?
As per the said section the following are the persons not liable for registration under GST: Person engaged exclusively in supplying goods or services or both not liable to tax. Person engaged exclusively in supplying goods or services or both exempt from tax.
Who is liable for registration under GST under section 22 of Cgst act?
Section 22 – Persons liable for registration Provided that where such person makes taxable supplies of goods or services or both from any of the special category States, he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh rupees.
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