S1: In the context of PFMS, the 'Aadhaar Enabled Payment System' (AePS) allows bank transactions using only the Aadhaar number. S2: AePS requires the beneficiary to have a micro-ATM or PoS device for authentication. Which statement(s) is/are correct?
Explanation:
AePS allows online interoperable financial inclusion transactions at micro-ATMs/PoS using Aadhaar authentication. Both statements accurately describe the AePS mechanism under PFMS/DBT.
S1: Under GST, the Reverse Charge Mechanism (RCM) is applicable on the supply of notified services by an unregistered person to a registered person. S2: Under RCM, the recipient of the service is liable to pay GST and can also claim ITC on the same, subject to normal ITC rules. Which statement(s) is/are correct?
Explanation:
Both statements are correct. RCM shifts the liability to pay GST to the recipient for notified services from unregistered suppliers, and the recipient can claim ITC if the service is used for business and not blocked under Section 17(5).
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