GST reverse charge suspension extended by 1 year: Why it is a good news for businesses
GST reverse charge: Under the normal GST payment process, the supplier of goods and services has to pay the tax on supply. The chargeability is, however, reversed in case of the Reverse Charge, i.e. the receiver becomes liable to pay tax. This is one among the many provisions of GST law to prevent tax evasion.
The Union government has once again extended the suspension of reverse charge mechanism on the purchase of goods and services by registered dealers from unregistered dealers by one year. Image source: Reuters