reverse charge definition

reverse charge. ’ means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of section 5 of the Integrated Goods and Services Tax Act;

reverse charge. ’ means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section

reverse charge means, in relation to a supply, that under section 55A(6) of the Value Added Tax Act 1994 it is for the recipient, on the supplier's behalf, to account for and pay VAT on the supply and not for the supplier; and 51A.1.4 Supply means a supply made for VAT purposes under or in connection with this contract by the Contractor and Supplies shall be construed accordingly. 51A.2 The Parties agree and confirm that the procedure for the payment of VAT (if any) by either Party to the other shall be governed entirely and exclusively by the provisions of this clause 51A notwithstanding any other provision of this contract. 51A.3 Any consideration (whether monetary consideration or non-monetary consideration) paid or provided under or in connection with this contract is to be treated as exclusive of any VAT. If the person making the supply (or the representative member of the VAT group of which it is a member) is required to account for VAT on any supply, the recipient of the supply shall pay (in addition to paying or providing any other consideration) an amount equal to the amount of that VAT upon the later of: 51A.3.1 the time for payment or provision of the consideration; and 51A.3.2 the receipt by the recipient of the supply of a VAT invoice in respect of that VAT. 51A.4 The Client confirms that the requirements specified in article (8)(1)(b) of the Order will be satisfied in respect of any Supply and the Parties consider that the Reverse Charge will not apply to the Supplies so that it is for the Contractor to account for and pay VAT to HMRC. 51A.5 Where the Contractor has accounted for VAT on Supplies (on the understanding that the Reverse Charge did not apply) but HMRC notifies the Client in writing that: 51A.5.1 the Reverse Charge did apply in respect of those Supplies, and 51A.5.2 notwithstanding that the Contractor has accounted for VAT to HMRC in respect of those Supplies, the Client has to account for VAT under the Reverse Charge on those Supplies, the Contractor shall, within two days of receipt of a copy of such notice, issue a credit note to the Client in respect of those Supplies and at the same time pay to the Client the amount of VAT included in such credit note.

Examples of reverse charge in a sentence

• Wherever the services to be provided by the bidders, fall under Reverse Charge Mechanism, the price quoted shall be exclusive of G.S.T., but inclusive of taxes/ duties/ cess other than G.S.T., if any.

• If the Taxable Person in a Member State receives taxable Goods or Services from a Person who is a resident in another Member State, then he shall be deemed to have supplied these Goods or Services to himself and the Supply shall be taxable in accordance with the Reverse Charge Mechanism.

• If the xxxx submission is delayed then ISRPL is liable for payment of interest on the GST Liability under Reverse Charge Mechanism, hence, ISRPL will debit the CARRIER to the tune of actual Interest paid.

• For customers from EU countries the "Reverse Charge" procedure applies, stating the VAT number.

• Pursuant to the A New Tax System (Goods and Services Tax) Xxx 0000 ("GST legislation"), in the event that any supply made under this Agreement by the Owner is subject to Australian Goods and Service Tax ("GST"), the Producer will account to the Australian Taxation Office for that GST pursuant to the "Reverse Charge Mechanism" contained in section 83-5 of the GST legislation.

More Definitions of reverse charge

reverse charge. ’, means the liability to pay tax by the person receiving goods and / or services instead of the person supplying the goods and / or services in respect of such categories of supplies as the Central or a State Government may, on the recommendation of the Council, by notification, specify;

reverse charge. ’ means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such

reverse charge. ’ means the liability to pay tax by the recipient of supply of goods or services instead of the supplier of such goods or services in respect of such categories of supplies as notified under sub-section (3) of section 8;

reverse charge means the liability to pay tax by the person receiving goods services or both instead of the supplier of such goods and/or services.

reverse charge system means that the supplier does not add output tax to a sales invoice. Instead, the customer reports the tax in Box 1 of their VAT return, and claims it back in Box 4. Only the last stage in the chain is charged to VAT in the normal way.

reverse charge. [Insert exchange rate if invoice is issued in a different currency to contract currency] Total due [Insert Currency]

reverse charge means there are two entries on the VAT return that will normally cancel each other out. However, this won’t be the case if there is any non-business use of the goods, or where the importer is partially exempt and so not permitted to reclaim all VAT on purchases.