CBIC clarifies on applicability of Reverse Charge Mechanism on motor vehicle renting

CBIC issues clarification on applicability of Reverse Charge Mechanism (RCM) on renting of motor vehicles w.r.t. entry inserted in RCM Notification with effect from October 1, 2019; Explains that, there are only two rates applicable on the service of renting of vehicles, 5% with limited ITC and 12% with full ITC; The only interpretation of the Notification Entry would be that (i) where the supplier of the service charges GST @ 12% from the service recipient, the service recip...