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3 new entries to RCM list from 1-10-2019

Notification no. 22/2019 introduced three new entries to RCM.

Three new entries to the RCM list in GST namely renting of a motor vehicle, transfer of copyright by an author and lending of securities. Notification no 22/2019 CTR dated 30th sept 2019 has amended 13/2017. These services are.

  • Copyright by an author entry no. 9A
  • Renting of a motor vehicle, Entry no. 15
  • Services of lending of securities Entry no. 16

Renting of motor vehicle will have the most widespread impact. This entry is applicable subject to the following conditions.

    • It is provided by a non-corporate person. 
    • It is provided to a corporate person.
    • It is provided by a person who was paying tax @5%

The renting of motor vehicles is liable to tax @5% with limited ITC. They can avail full ITC on payment of tax @12%. This RCM is applicable only on those paying tax at 5%.

These entries are introduced in notification no. 13/2017. They will be liable for RCM from 1st October 2019. You can access the updated list of RCM at this link.

 

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Profile photo of CA Shafaly Girdharwal CA Shafaly Girdharwal

CA

New Delhi, India

CA Shaifaly Girdharwal is a GST consultant, Author, Trainer and a famous You tuber. She has taken many seminars on various topics of GST. She is Partner at Ashu Dalmia & Associates and heading the Indirect Tax department. She has authored a book on GST published by Taxmann.

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