No GST RCM from 1 October 2023 (Must Watch)
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- Опубліковано 15 вер 2024
- GST (Goods and Services Tax) rules can be quite complex and often seem unfavorable for taxpayers. However, on September 26, 2023, there was a significant development that brought some relief to importers in terms of GST on ocean freight.
This positive change was prompted by a landmark judgment from the Gujarat High Court in a case involving Mohit Minerals Pvt. Ltd. & Ors. vs. Union of India & Ors. The court's decision influenced a subsequent ruling by the Supreme Court, which favored the taxpayers.
As a result, the GST Council, during its 50th meeting, made important amendments to the Reverse Charge Mechanism (RCM) on ocean freight for imported goods. They decided to reduce the tax rate from 5% to zero, effectively eliminating the tax on ocean freight for imports.
This change was also accompanied by adjustments to the exemption notification, aligning it with these new developments. Importers no longer have to pay a 5% GST on ocean freight starting from October 1, 2023.
In essence, these changes mark a rare instance where the GST system becomes more favorable for taxpayers, particularly importers who were burdened by the previous tax on ocean freight. It's a welcome relief for businesses and individuals involved in importing goods through sea transport.
You can find more detailed information about these changes in the provided link: taxupdates.cag...
• Be Careful in GST: Imp...
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Read more: taxupdates.cagurujiclasses.com/govt-exempts-5-gst-igst-on-ocean-freight-imports-from-october-1-2023-benefit-to-importers/
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RCM is unneccessary D tour. I really don't understand real purpose of this RCM. Govt anyways first collects the GST from the buyer and then the buyer claims ITC of the same. Senceless. RCM should be completely abolished.
Excellently govt just want to make taxation harder and harder specially indirect tax.
Govt Kaam badati rahti hai Aur Date extend ki baat nahi karti late fees collect karti hai... simple karke khatam karne ka na
@@sushilsakpal8963agree
Cash ledger se pay kro .. aur credit ledger pe input claim kro😢😢
Exactly. Some rules of govt are totally irrelevant
Is GST ne dimaag ka kachra kar rakha hai mera
Dimag hona chahiye
Kharaab hone ki baat baad me.
Bazar lagi nahi ki bhikhari pahle pahuch jate hain.
Same bro same kab lena kis se lena kyu lena kuch samaj nahi ata
why there is need of RCM concept,when tax paid on RCM is available later on as input credit...???
yes i agree with same
Thank You , Ma'am ! Great information.....Respect 👍
2 saal laga diye itni si baat ko samajhne me. Common man ko bhut kuch pta hai lekin har baat ke liye case ladba padega. Wah
RCM GST RETURN TO REGULER GST RETURN CONVERT
Very nice video good information
Mam u r too gud❤
Please Provide list, on which RCM Applicable/notified.
FOB mein bhi toe alah se freight and insurance bhi toe import bill of entry mein add hota hain. Aur uss par bhi custom duty and gst bhi lagata hain
That means if any company taking service from Custome house agent who is located outside India and that services are related to import of goods on FOB basis in that case only RCM will applicable
Tq madam
In RCM in journal entry
Input Rcm Dr
To Output Rcm
At the time of Rcm payment
output Rcm Dr
To bank ac
Now what entry of Input Rcm setoff
Thank you mam for your update.
Who will pay GST under corporate guarantee when subsidiary company is taking loan and holding is giving guarantee.
Thumb nail mai ye hona chaiye tha
KNOW NO RCM ON THESE SPECIAL TRANSATION
Can u share video of how to make entry of import purchase in Tally prime as in bill.of entry assesible value is different then amount payable to import party and igst calculated on basis of assesible value.
First of all thankx for making informative videos on gst.
Q: Will rcm be still applicable on freight of inter state purchase and intra state purchase?
आब क्या हर व्यापारी को CA बनना होगा।
Thanks Ma'am
We are paying GST on freight outward @ 18% in our Sale Invoice & also we have been asked to deposit GST under RCM on this freight. Is this not double taxation on same freight? Please guide.
Madam we had not paid rcm on raw cotton purchase but we paid GST on outward supply.. now the GST officer is asking us to pay the full RCM amount what we should do now ...
Great information Mam
Mam in gstr 3b rcm value not show and outword tax paid in cash ledger so pls say reply to rcm paid today or any low to not paid
Maam I local manufacturer of aluminium utensils .I am purchasing aluminium scrap (raw material)from unregistered dealer
Did I have to pay gst on unregistered purchase under RCM please reply in the above regards
Can we rcm paid on contract work from Unregisteered person...
Nicely explained
If overall turnover of trust is below 20 lac but trust is importing equipment from outside india. Is gst registration applicable?
Trust has paid igst on the equipment cost+ custom duty
Export k case me freight pe GST k kya provisions hai ma'am ? Kya Indian Exporter freight pe IGST charge karega from Foreign importer ??
EXEMPTED GOODS KE PURCHASE PER FRIGHT KA RCM LAGEGA YA NAHI. PLEASE INFORM ME MAM
Mam
Wall Plaster Kyon Nahi Kiye hai 🤔🤔🤔
Mam Main Scrap Battery URD purchase karta hun Cash ya Cheque payment ke through
1- Scrap Battery main sales ke time @ 18% GST paid karke Sold karta hun. (Please suggest me)
2- Lekin purchase nhi book kar pata hun GSTR3B main sirf PL main book hota hai kya main right treatment kar raha hun ? (please suggest me)
3- RCM purchase karke mujhe GSTR3B main book karna chahiye ? ya fir mujhe kaise Scrap Battery ko purchase karke sale karna chahiye (Please suggest me)
ma'm m e commerce sales kr rha h ho but market se mujhe purchase bill nhi milta or sales bill generate kr k m pura gst pay kr rha ho kya ye theek h according to GST..
Madam namaste exempt goods per export karna per lut ya eway bill jaruri hai
What if register dealer puchase good s from urd?bc of notification now there will be no rcm only on specified goods and service rcm applicable hai so if puchase there will be no impact on further b2b sales then why register dealer scare to buy goods from urd?
Mam please reply mene pehle gst per mal nhi mangvaya hai aur avi dukan mai finance system lane ke liye gst chahiye toh jo pehle ka stock hai unka kya kare ??? Aur koi saman ager hum gst per 118 ka late hai aur use sel 118 ya fir 119 ka sell karte hai tab v tax fir bharna hoga aur jo 18% mai laya ye return nahi milega kya ?
Could you please provide ICT related details...like when it applicable conditions nd all?
mam ye toh import ke cases mein hai.but export ke case mein bhi change hua hai.jaise ke at present shipping line are charging iGST even in case of intra state supply.but after 1st oct 2023 if service provider and service receiver are located within same state,CGST & SGST will be charged.
Yes I will try to make separate video
export me igst ..custom act ke according lagta h not gst act...gst actvme export pr gst nhi h
Agar creditors ki Puri payment ko write-off kar de to kya gst input reversal karna hoga bataye
Ocean freight GST IGST or CGST / SGST
Mam Gold jewellery retailer ko old gold purchase ke upor RCM applicable hai kya ? Pls tell of clear with a vdo if possible 🙏
What about import service
Need to charge RCM or not?
Mam not clarify in CIF & FOB
1 oct 2023 new freight import and export services gst rate ?
Mam Agar Sale bill mistake se nagative me ban gaya hai or uska e invoice bhi to kya kare
Cotton pe abhi bhi rcm hai wo kab bandh hoga,
Madam please make video project report loan and cma report please
Mam agr registered dealer unregistered dealer se artificial jewellery purchase kre to RCM lgega?
I am GST composition seller in Gem portal.i sell furniture in government offices in bid document rcm applicable written is yes,my question is what is tax rate should I apply on cmp08 and gstr4 annual return (furniture is 18% GST in normal rate ) and I filled overall 1%gst in return.kindly help me regarding technical of GST rules (i purchase from unregistered seller and supply in government)
If your study not cover full RCM why you shouting RCM are not available till 1st October
Mam RCM kis kis pe lagta hai I mean pvt ltd or proprietorship??
On notified goods and services
@@CAGuruJi Link mil sakta hai kya madam?
Mam jo phle rcm me tax pay Kar chuke uska kya hoga ?
Ma'am, FOB pe to RCM hai he nhi. Plz clarify
RCM applicable on Local auto freight? ??
No
@@PiyooshSrivastavaSir man lo maine urd person se
50kg sugar purchase kiya to kya mujhe rcm entry karna padega aur mujhe is sugar ko without gst sale karna padega ya gst ke sath please batao bhai
Import Products Price Kam hoga...?
Headline change karni chahiye apko .transportation par toh RCM hai .
Is this rule applicable in road transport ?
Madam I need information regarding ms scrap abut rcm help us please 🙏
Mam meri income nahi hai but itr 2 file karne ja raha tha but submit nahi Kiya now savedraft mn raha tha, to koi issue ayega, kya savedraft automatically submit ho jayega kya ?
Ma'am ek baar me kitne ka transaction ek bank se dusre bank ko online kr skte h
Mam maine gst liya tab se file nahi kiya
2019 ka hai kya vah chalu ho jayega
Agar ho jayega to aap kitna charge karoge
How to file gst 3b
It's better to explain in English
Ye badi company hai mohit mineral usa se coal import krta hai
What is RCM ?
I told in video
Hallo mam
2024 Modi sharkar Jane Vali hai 😂 GST bahut paresan Kiya pure Desh ko
What nonsense explanation
Be honest taxpayer
You alone will decide who will be in 2024
madam help karo na sikhna hai
Man mere pass ek gst aya wo jab se liya hai tab se file hi nahi kiya hai 2019 ka registration hai to uska uday batay please
Chalu karne ka
Madam, mai gst registered hun...agar mai unregistered scrab purchase karta ho further sale ke liye to keya rcm applicable hoga ?