54th GST Council Meeting: All You Need To Know
54th GST Council Meeting was held on 9th September, 2024 at Sushma Swaraj Bhawan in Delhi by the Hon’ble Finance Minister Smt. Nirmala Sitharaman. Book GST Consultation 54th GST Council …
Reverse Charge Mechanism
Know Everything About GST ITC on Bank Charges
The ITC on bank charges can be claimed only if it is in furtherance of business. However, there are certain conditions which needs to be fulfilled for availing input tax …
Reverse Charge Mechanism Under GST Regime
Under the GST laws, usually the supplier of goods or services pays the tax on supply. But under the Reverse Charge Mechanism, the receiver of the goods is liable to pay the taxes.
GST on Director’s Remuneration on RCM basis
As per the GST laws, if the services are provided by an employer to its employees in accordance with the employment agreement, then it is neither considered as supply of goods nor as supply of services. Therefore, GST will not be applicable in such cases. On the other hand, if the services are not classified as employer employee relationship, then GST will be applicable. This is in accordance with the CBIC’s circular on applicability of GST on director’s remuneration vide CGST circular no. 140/2020 dated 10th June, 2020.