GST Update New Services included in reversed charged (RCM) wef 01st Jan 2019)
In GST Law two type of category of reverse charge scenarios provided.
The first category is defined under section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act. The First category is dependent on the nature of supply /supplier.
The Second category 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 here. Reverse Charge Mechanism in this category is deferred to 30th Sept 2019. ( Latest update as on 6th Aug 2018)
The following new services are enter in first category ( as perNotification No. 29/2018- Central Tax (Rate) dated 31st December, 2018 :
Sl. No.
|
Category of Supply of Services
|
Supplier of service
|
Recipient of Service
|
(1)
|
(2)
|
(3)
|
(4)
|
12.
|
Services provided by business facilitator (BF) to
a banking company
|
Business facilitator (BF)
|
A banking company, located in the taxable
territory
|
13.
|
Services provided by an agent of business
correspondent (BC) to business correspondent (BC).
|
An agent of business correspondent (BC)
|
A business correspondent, located in the taxable
territory.
|
14
|
Security services (services provided by way of
supply of security personnel) provided to a registered person:
Provided that nothing contained in this entry
shall apply to, -
(i)(a)a Department or Establishment of the Central Government
or State Government or Union territory; or
(b) local
authority; or
(c) Governmental
agencies; which has taken registration under
the
Central Goods and Services Tax Act, 2017 (12 of 2017) only for the purpose of deducting tax under section 51 of the said Act and not for making a taxable supply of goods or services; or
(ii) a registered person paying tax under section 10 of the said Act.
|
Any person other than a body corporate
|
A registered person, located in the taxable
territory.”;
|
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