The concept of Reverse Charge Mechanism (RCM) was introduced in erstwhile Service Tax laws. Normally, the supplier of goods or services or both charges and collects the GST from the recipient and deposits the same with Government. However, under the RCM, the liability to deposit tax shifts from the supplier to the recipient.
Read more at: Taxguru
Latest Posts in "India"
- Himachal Pradesh Assembly Approves VAT Bill, Permits Up to ₹5 Cess on Petrol, Diesel
- Karnataka AAR Allows ITC on Ancillary Expenses for Used Vehicles Sold Under Margin Scheme
- ISD Credit Distribution Allowed Only After ITC Eligibility Under Section 16, Rules Madras High Court
- Hookah Served in Restaurants Not Restaurant Service, Taxed Separately: West Bengal AAR Rules
- Key Changes in RBI’s FEMA Export and Import Regulations, 2026: Integrated Rules and Reporting Updates
