How to differentiate Timely Refunds Mechanism with Reverse Charge Mechanism?
Difference between Reverse Charge Mechanism and Timely Refunds Mechanism under GST terms
What is Timely Refunds Mechanism? How does Reverse Charge Mechanism work under GST regime? What are the difference between Timely Refunds Mechanism and Reverse Charge Mechanism?
Under GST system, the following information explains about Timely Refunds Mechanism and Reverse Charge Mechanism.
What does Reverse Charge Mechanism mean?
Section 9(4) of the CGST Act, 2017 mandates that tax on supply of taxable goods by an unregistered supplier to a registered person will be paid by the registered person under reverse charge mechanism.
Under Refunds Mechanism, any person claiming refund of any tax and interest, if any, paid on such tax or Refund of tax. any other amount paid by him, may make an application before the expiry of two years from the relevant date in such form and manner as may be prescribed.
The details about Timely Refunds Mechanism and Reverse Charge Mechanism with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Timely Refunds Mechanism and Reverse Charge Mechanism, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Timely Refunds Mechanism and Reverse Charge Mechanism separately below. You may kindly read the below links to know more about Reverse Charge Mechanism and Timely Refunds Mechanism.
Timely Refunds Mechanism under GST
Reverse Charge Mechanism Unregistered recipients under GST
The above information easily explains about Reverse Charge Mechanism and Timely Refunds Mechanism.
We hope, you have satisfied with the difference between Timely Refunds Mechanism and Reverse Charge Mechanism explained above. Do you have different thought on difference between Reverse Charge Mechanism and Timely Refunds Mechanism?
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