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