Tag: GST Council Meeting: Reverse Charge Mechanism on metal scrap trades- Union Finance Minister

In the 54th GST Council meeting on 9 Sep’24, Union Finance Minister Nirmala Sitharaman introduced the Reverse Charge Mechanism (RCM) for metal scrap. Under the new rule, GST will be paid by registered buyers on scrap supplied by unregistered sellers. A 2% TDS will also apply to registered B2B transactions. While this measure partially addresses…