CBIC removes RCM on Sponsorship Services provided by body corporates [Read Notification]:

CBIC removes RCM on Sponsorship Services provided by body corporates [Read Notification] The Central Board of Indirect Taxes and Customs (CBIC) issued notification to bring supply of the sponsorship services provided by the body corporates under Forward Charge Mechanism. Through this notification, CBIC has amended the applicability of the Reverse Charge Mechanism (RCM) for sponsorship services. This amendment alters the tax liability for body corporates by shifting their sponsorship services under the Forward Charge Mechanism (FCM). The Notification Read as Follows: In exercise of the powers conferred by sub-section (3) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification number 13/2017-Central Tax (Rate),of the Government of India, in the Ministry of Finance (Department of Revenue), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 692(E), dated the 28th June, 2017, namely:- In the said notification, in the Table,- (A) against serial number 4, in column (3), after the words “Any person”, the words “other than a body corporate” shall be inserted. (B) against serial number 5AB, in column (4),after the words “Any registered person”, the words “other than a person who has opted to pay tax under composition levy” shall be inserted. For Official Notification Download PDF Given Below: