What is RCM and GST return Filling process?

Question

Accepted Answer

RCM is Reverse Charge Mechanism and GST return filling process is the process of filing tax returns under the GST regime.

RCM is a mechanism where the recipient of goods or services is liable to pay tax instead of the supplier.
GST return filling process involves filing of various returns like GSTR-1, GSTR-3B, etc. on a monthly or quarterly basis.
The process involves uploading invoices and other details on the GST portal and paying the tax liability.
Non-compliance with the GST return filling process can lead to penalties and legal action.
Example: If a registered dealer purchases goods from an unregistered dealer, the registered dealer is liable to pay tax under RCM.
Example: GSTR-1 is a monthly return that contains details of outward supplies made by the taxpayer.

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