The CBIC has revised GST Reverse Charge Mechanism rules effective November 1, 2024, impacting RCM transactions and input tax credit claims.
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One such proposal laid down to improve GST implementation is Reverse Charge Mechanism (RCM) with an aim to enhance tax compliance and coverage across organized, partly organized and unorganized sector in India.
Payment Voucher under Reverse Charge Mechanism in GST is a proof of transaction between taxpayer and unregistered supplier.
Goods and Service Tax Collection in India went up by 15.6% from a year ago to hit INR 1.06 trillion in March. GST Council has been working diligently towards a fairer taxation system and reduce tax evasion.
E-invoicing starts in a month and the onus of creating invoices and getting them registered on the Invoice Registration Portal (IRP) lies on the Supplier.
