B 5.1. Introduction to GST Law Flashcards
1
Q
What is meant by RCM?
A
RCM means reserves charge mechanism it means the supplier doesn’t collect GST from the customer. The supplier will give invoice in which there is no tax components.
2
Q
A
3
Q
What is meant by FCM?
A
FCM means forward charge mechanism it means the supplier collect the GST from the customer.The supplier will give tax invoice in which tax components are involved.
4
Q
A
5
Q
Who introduced GST in india?
A
In 2000 Atal Bihari introduced.
6
Q
Which country introduced GST 1st?
A
France introduced First.
7
Q
About GST
A
GST means goods and services tax. The word is derived from Latin taxo. GST is regressive in nature.
