RCM is applicable w.e.f. 01.10.2019 if One GST registered dealer purchases goods from URD (unregistered dealer).
Various notifications have been issued by CBIC, notifying numerous changes with effect from 01.10.2019. These notifications hace been issued to implement decisions taken at 37th GST Council meet at Goa on 20.09.2019.
Following services shall attract payment of tax under Reverse Charge mechanism.
(i) Copyright services provided by Music composer, photographer, artist, or the like or author shall attract tax on reverse charge basis.
(ii) Renting of motor vehicle to body corporate.
(iii) Services of lending of securities under Securities Lending Scheme, 1997 (“Scheme”) of Securities and Exchange Board of India (“SEBI”).