Practical Aspect of RCM in GST | RCM की Practical Working समझें ft  

📍In this session we have discuss about the concept of reverse charge mechanism RCM in GST along with Practical working of RCM. 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.
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⏰Time Stamp
0:00 Intro to Topic
1:26 Payment Voucher in RCM
4:43 Accounting Entry of RCM
7:37 ITC of RCM liability
11:00 RCM payment in Cash
17:24 RCM Outward Supply in GSTR 1
21:26 RCM Inward Supply
23:23 Claiming ITC paid on RCM
Download Section
Payment Voucher - bit.ly/3b3Lvcy
RCM Notes - bit.ly/3tGW2kx
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