How to differentiate B2B with Reverse Charge?
What is B2B? How does Reverse Charge work under GST regime? What are the difference between B2B and Reverse Charge?
Under GST system, the following information explains about B2B and Reverse Charge.
“Reverse charge” means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub- section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of section 5 of the Integrated Goods and Services Tax Act.
It is a new concept that is introduced in GST in India, to increase tax revenues, coverage and compliance from partly or unorganized sectors.Earlier goods were exempt from this scheme, now the collection of GST will increase tremendously.
B to B or B2B, also called Business to business, is a type of transaction that exists between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. The details about B2B and Single Business vertical with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on B2B and Single Business vertical, so as to enable you to have a clear idea on these GST terms.
The details about B2B and Reverse Charge with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on B2B and Reverse Charge, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on B2B and Reverse Charge separately below. You may kindly read the below links to know more about Reverse Charge and B2B.
What is Reverse Charge under GST
B2B,Business to Business under GST
The above information easily explains about Reverse Charge and B2B.
We hope, you have satisfied with the difference between B2B and Reverse Charge explained above. Do you have different thought on difference between Reverse Charge and B2B?
Share below your thoughts about B2B and Reverse Charge
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