Concept of RCM in GST | Reverse Charge Mechanism

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📍In this session we have discuss about the concept of reverse charge mechanism RCM in GST. 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
1:24 Concept of RCM
12:07 Types of RCM in GST
12:57 GST Registration in case of RCM liability
14:12 Can a supplier of RCM claim ITC?
15:41 Time of Supply in GST
29:11 Compliance in respect of RCM
31:23 Payment of RCM through Cash Ledger
41:19 Goods under RCM
49:09 Services under RCM
54:20 RCM for GTA Services
1:18:44 Outro

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