New RCM Supply Rules: Major Shift Starting Nov 1, 2024
The Indian GST landscape is about to witness a monumental change. From November 1, 2024, new Reverse Charge Mechanism (RCM) Time of Supply Rules will come into effect, significantly impacting how businesses handle RCM transactions. This shift emphasizes the importance of timely self-invoicing, a crucial compliance requirement, to avoid penalties and the risk of losing Input Tax Credit (ITC). In