RCM applicable on Partnership Firm

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..... RCM applicable on Partnership Firm
Query (Issue) Started By: - UMESH KUMAR Dated:- 27-5-2016 Last Reply Date:- 28-5-2016 Service Tax
Got 6 Replies
Service Tax
Dear Sir, RCM is applicable on Partnership Firm Reply By Ganeshan Kalyani: The Reply: Sir, your question is not clear. Please elaborate. Thanks. Reply By UMESH KUMAR: The Reply: Dear Sir, 1. Reverse Charge is applicable on .....

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..... Partnership Firm. 2. If by mistake we have made excess payment in Previous financial year March,2016 , Can we adjusted our current quarter lablities. Reply By Ganeshan Kalyani: The Reply: Sir, the list of services covered under reverse charge mechanism is given in Notification no. 30/2012-ST. If those services are provided and the conditions prescribed the notification is fulfilled then revers .....

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..... e charge will apply. Second, excess payment made in the month of March 2016, can be adjusted in the following months. The details of excess payment made should have been shown in the ST-3 filed for half yearly ending March, 2016. Thanks. Reply By KASTURI SETHI: The Reply: In RCM Service receiver should be business entity registered as body corporate. ¨ "Business entity" means any person o .....

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..... rdinarily carrying out any activity relating to industry, commerce or any other business or profession. Thus, Government, charitable organisation is not 'business entity'. ¨ Body Corporate - Company, LLP, Cooperative Society is Body Corporate - Firm, HUF, Trust is not 'Body Corporate' [Society registered under Societies Act is legally not 'body corporate']. Service Provider may be individual .....

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..... , Prop., Partnership etc. Reply By MUKUND THAKKAR: The Reply: you mean to say that by mistake you have deposit under RCM which has not applicalbe to your firm. you may applied for refund if service tax is not applicalbe to you. Reply By KASTURI SETHI: The Reply: As per Rule 6 (4B) of Service Tax Rules, 1994, if excess payment of ST is on account of interpretation of law, taxability, valuation .....

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..... or applicability of any exemption notification, then self-adjustment is not allowed. In that situation, refund claim has to be filed with the jurisdictional Asstt. Commissioner/Deputy Commissioner.
Discussion Forum - Knowledge Sharing .....

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