The 'RCM' (Reverse Charge Mechanism) under GST applies to: MCQ with Answer and Explanation

Explanation:
ITC avoids the cascading effect of taxes by allowing a set-off of tax paid on inputs against tax payable on output.

Explanation:
GST is a destination-based consumption tax. The revenue goes to the state where the goods or services are *consumed*, not where they are manufactured (which was the case under the origin-based CST). S1 is correct, S2 is incorrect.

Explanation:
Because the loss is fully insured, the insurance company becomes a debtor for the claim amount, hence debited.