TaxTMI 
TaxTMI 
Reverse Charge Mechanism (RCM)
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....by section 9(3) of the CGST Act, 2017 and section 5(3) of the IGST Act. ii) Second scenario is covered by section 9(4) of the CGST Act and section 5(4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered. 19.2 As per the provisions of section 9(3) of CGST Act, 2017/section 5(3) of IGST Act, 2017, the Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of su....
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....iable to pay GST. Thus, time of supply for supplies under reverse charge is different from the supplies which are under forward charge. In case of supply of goods, time of supply is earliest of: - (a) date of receipt of goods; or (b) date of payment as per books of account or date of debit in bank account, whichever is earlier; or (c) the date immediately following thirty days from the date of issue of invoice or similar other documents. In case of supply of services, time of supply is earliest of: - (a) date of payment as per books of account or date of debit in bank account, whichever is earlier; or (b) the date immediately following sixty days from the date of issue of invoice or similar other documents. Where it is not poss....
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...., where an invoice referred to in rule 46 is required to be issued under clause (f) of sub-section (3) of section 31 by a registered person, who is liable to pay tax under sub-section (3) or sub-section (4) of section 9, he shall issue the said invoice within a period of thirty days from the date of receipt of the said supply of goods or services, or both, as the case may be. 19.8 Supplies of goods under reverse charge mechanism: Sl.No. Description of supply of goods Supplier of goods Recipient of goods 1 Cashew nuts, not shelled or peeled Agriculturist Any registered person 2 Bidi wrapper leaves (tendu) Agriculturist Any registered person 3 Tobacco leaves Agriculturist Any registered person 4 Supply of lottery State Gov....
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....o an aircraft or a vessel, inside or outside the precincts of a port or an airport; (iii) transport of goods or passengers Central Government, State Government, Union territory or local authority Any business entity located in the taxable territory 6 Services supplied by a director of a company or a body corporate to the said company or the body corporate A director of a company or a body corporate The company or a body Corporate located in the taxable territory 7 Services supplied by an insurance agent to any person carrying on insurance business An insurance agent Any person carrying on Insurance business, located in the taxable territory 8 Services supplied by a recovery agent to a banking company or a financial institution....