269ST and PMLA act 2002

[atiq shaikh]

sir

Need clarification about section 269ST of Income tax act 1961 and Prevention of money laundering Act 2002 difference

Ateeq

[atiq shaikh]

Dear Experts

We are into service industry NBFC and my query is RCM under GST if we purchased printing & stationery for office use is RCM applicable for us and if applicable whether can we avail ITC on that goods

question no 2. if my employee paid directly to the vendor on invoice GST charge and later he claim us for reimbursement in that case what is the treatment under GST and RCM

please share your views and opinion on this

Thank you

AI Summary

Reverse charge mechanism: applicability on office supplies and GST treatment of employee reimbursement under GST rules. Distinction is sought between the Income Tax restriction on specified cash transactions and the Prevention of Money Laundering Act 2002's separate AML reporting and criminal regime. For GST, a service sector NBFC asks whether Reverse Charge Mechanism applies to office purchases of printing and stationery and whether Input Tax Credit is available if RCM applies, and how reimbursements to employees who paid suppliers directly are treated for GST, RCM liability, and entitlement to ITC.