Typically, taxes are collected by business owners on behalf of the customers, which is then paid to the government. Reverse charge is when the buyer pays the tax directly to the government. The responsibility of reverse charge can either rest completely on the buyer or in certain special cases, it can be partially / jointly borne both by the buyer and the seller.
Under Goods and Services Tax (GST) laws, a supplier of goods or services collects GST from the receivers and deposits it with the tax authorities. Reverse charge is a mechanism where the recipient of the goods or … Read more
Since its advent, GST has been a subject of discussion in almost all social or political meetings. With the purpose of levying a single tax in entire nation, GST was introduced. In this fast pacing and dynamic world alterations in the already established rules of GST were equally important for uniform tax compliance throughout the country.
For complimenting GST era, GST Amendment Act, 2018 was introduced by Government of India in August, 2018. Amendments instituted via this Amendment Act were notified to be effective on and after February, 2019. In addition to this, on the recommendations of GST Council in … Read more
Midson Entrepreneur Network is a platform for entrepreneurs to collectively grow, learn and collaborate. Recently, a Diwali Special Meeting has been organized to bring together the trusted people and create Networking, Learning and Business Opportunities.
Ankit Jain, Director of AJSH & Co LLP, presented a talk on GST – Implementation Challenges & Remedies. The presentation covered the important aspects of the recent changes facilitated by GST council, GST on Services from Goods Transport Agency (GTA), GST on Job Work, Sale of Pre GST stock, GST on Exports, E-way Bill, Reverse Charge Mechanism, Increased Compliances and Challenges, Other Challenges, etc.… Read more