RCM % for Partnership FIrm

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..... RCM % for Partnership FIrm
Query (Issue) Started By: - Javed Siddiqui Dated:- 24-12-2019 Last Reply Date:- 8-4-2020 Goods and Services Tax - GST
Got 7 Replies
GST
Hello Sir, Can Partnership firm which provide cab services to Corporate Body charge 12% Under RCM ? as it is also engaged in providing rental services to individual customer as well so how we have to take ITC under this .....

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..... regim? Reply By Ganeshan Kalyani: The Reply: You can continue paying GST under forward charge mechanism. That is, you can charge GST on the invoices raised by you on your customer both individual and corporate. Reply By Javed Siddiqui: The Reply: Thank you sir, As we are partnership firm, we can continue with Forward Charge GST to our Corporate Customer right ? Thanks Javed Reply By Maha .....

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..... dev R: The Reply: Yes Sir. Partnership firm could continue to charge 12% in FCM. The provision of RCM applicable only when such firm has opted for 5%. Extract of entry in notification no.13/2017-CGST is reproduced below: Service Services provided by way of renting of a motor vehicle provided to a body corporate. Service provider Any person other than a body corporate, paying central tax at th .....

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..... e rate of 2.5% on renting of motor vehicles with input tax credit only of input service in the same line of business Recipient of service Any body corporate located in the taxable territory.] Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: I endorse the views of experts. Reply By KASTURI SETHI: The Reply: I support the views of the experts. Reply By harish rajendran: The Reply: Without a Pa .....

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..... rtnership Deed, or if the Partnership Deed is quiet on a specific point, the accompanying arrangements of organization Act, 1932 will be pertinent: Profit and misfortunes are to be shared similarly independent of their capital commitment. No enthusiasm on capital will be permitted to the accomplices. Get to know more: Partnership deed format Reply By KASTURI SETHI: The Reply: Dear Harish Ji, H .....

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..... ow your post is relevant to the query ? Will you please clarify ?
Discussion Forum - Knowledge Sharing .....

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