It is the tax liability on a recipient who is responsible to supply goods and services instead of the supplier of goods and services. It is generally levied on import of services and other intangible properties. Under GST, the reverse-charge would be applicable on both services and goods. The main purpose behind this is to increase the tax compliances and the revenues being generated out of it.
GST, a unified tax regime for indirect taxes. This is perhaps the biggest tax reform in the regime of indirect taxes as it succeeds a number of indirect taxes that are applicable under the current regime.
The taxation framework in India is about to experience a radical shift once the GST (Goods and Services Tax) system takes over.
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