Reverse charge mechanism under GST. Supply of Goods under RCM and description of nine supply of services covered under RCM-CBEC Paper.
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. 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.
There are two type of reverse charge scenarios provided in law. First is dependent on the nature of supply and/or nature of supplier. This scenario is covered by section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act. Second scenario is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered.
Supplies of goods under reverse charge mechanism:
- Cashew nuts, not shelled or peeled
- Bidi wrapper leaves (tendu)
- Tobacco leaves
- Supply of lottery
- Silk yarn
Supplies of services under reverse charge mechanism:
- GTA Services
- Legal Services by advocate
- Services supplied by an arbitral tribunal to a business entity
- Services provided by way of sponsorship to anybody corporate or partnership firm
- Services supplied by the Central Government, State Government, Union territory or local authority to a business entity.
- Services supplied by a director of a company or a body corporate to the said company or the body corporate
- Services supplied by an insurance agent to any person carrying on insurance business
- Services supplied by a recovery agent to a banking company or a financial institution or a non-banking financial company.
- Supply of services by an author, music composer, photographer, artist or the like by way of transfer or permitting the use or enjoyment of a copyright covered under section 13(1)(a) of the Copyright Act, 1957 relating to original literary, dramatic, musical or artistic works to a publisher, music company, producer or the like.
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Thanks to those who eFile their taxes @ EZTax.in this Tax Season. For some reason, if you miss Income Tax Return (ITR) deadline this year, it’s not the end of the world. You can file your taxes using belated return type. Just login to EZTax.in to file in minutes.
Few simple questions may help you file your belated return with ease.
When is the Income Tax Filing (ITR) Deadline?
Typically, it’s Jul31st of every year, for AY 2017-18 it is Aug 5th, 2017
What if you miss the deadline for filing income tax returns?
No Worry, you can file your taxes using belated return type up to Mar 31st, 2018
What are different Return Types to choose while filing Income Tax Return (ITR)?
- Original: Income Tax Return to be filed for the first time on or before due date for the selected Assessment Year.
- Belated: Income Tax Return to be filed for the first time after due date
- Revised: Income Tax Return to be filed in response to a notice or a defective original return. Revised return can’t be filed in case of a belated return, which is filed for the same Assessment Year
Do you have to pay Penalty?
No. Good news is that the penalty for filing Income Tax Return after the due date is only applicable from AY 2018-19. The Government of India (GOI) Feb 2017 introduced a maximum late fee of Rs. 10,000 for delayed ITR filing by individuals.
What if there is an error in your ITR?
You can file a Revised Return for the Original before the end of the current assessment year i.e., before Mar 31st, 2018.
What about Aadhaar PAN Linking?
Deadline for linking Aadhaar, PAN cards, a must for filing ITR, is Aug 31st 2017. Without it your ITR won’t be accepted. There are few exceptions to this such as those who are senior Citizens (Age > 80 years) OR who are residing in the States of Assam, Jammu and Kashmir and Meghalaya OR a non-resident as per the Income-tax Act, 1961; OR not a citizen of India. Link Now
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Generally, most of the tax payers spend considerable time in preparing the taxes to make sure of accuracy, savings, and possibly to plan ahead for the next year taxes. While this is imperative to spend more time on Tax Portal, eFiling of your prepared taxes shouldn’t be taking long time.
While other portals in the market takes minutes to hours, EZTax.in Tax eFiling takes just few seconds to a minute and we send acknowledgement and confirmation of eFiling with in few seconds to a minute.
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The last date for filing of ITR is being extended till 5th August 2017, by Income tax department of India
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We see substantial raise in related inquiries during the 1st two weeks in Jul 2017, hence this post to advise Tax Payers in handling the IT Notices.
Most important thing when you get an IT notice is not to ignore it, as of today, pretty much everything is linked with Aadhaar, PAN, Bank Accounts, Digital Wallets, Mobile Numbers. Income Tax department is getting smarter day-by-day towards a sophisticated, well connected tax system.
Possible Common Reasons for getting an IT Notice
- Reminder to file tax returns
- Scrutiny at random
- Discrepancy in your income tax returns
- Errors in TDS Amount Deducted
- Ignoring income received from the previous employer
- Demanding a proof of documentation
- High Value Transactions not matching with Income declared
- Transferring the asset in the name of spouse or children
- High number of Gift Transactions
- Not depositing the full amount of tax assessed before the due date
- Income Tax Return not filed or filed after the due date
- Non-disclosure of assets
- Non-disclosure of Foreign Income
- Investments in the name of family members
How to get Help ?
When you received IT notice, first thing to do is not to be panic, Visit EZTax.in, Register if not already, select Tax Consultation, just take a photo of your IT Notice and upload, provide additional information if necessary, and pay to get Tax Help Online.
Additional information @ Tax Consultation from EZTax.in
GST for Goods and Services is determined based on the HSN code or SAC code of an item that you are transacting with. As a business owner, Accountant, it’s vital to understand the these codes to record, and file GST returns.
Smart HSN Search
EZTax India developed an intuitive way to find HSN Code for this purpose. Just type a keyword to find the HSN Code, Description, CGST Rate, IGST rates all in one search.
HSN Code Requirement
HSN codes are required while filing your GST returns. EZTax.in/gst will help you in this regard, and below is the basic criteria based on the entities Annual Turnover.
|Up to 1.5 crore
||No HSN required
|1.5 – 5 crores
||First 2 digit of the HSN code
|More than 5 crores
||First 4 digit of the HSN Code
With the introduction /roll out of GST check posts are being abolished in 22 States. Another 8 are in the process.
All Invoices can be generated manually also, not required to be generated online on Internet.
Internet connection is need only once in a month for filing the Returns.
Provisional Id is the GSTN
New Business Registrations to be done within 30 days.
One Return every month with 3 parts. One is to be filled by the Dealer and the 2 other parts are auto populated.
Small Traders dealing with B2C need to file a Summary of Total Sales
GST rate is higher because previously excise duty and other taxes were not visible, now it is visible.