how a transaction between unregistered buyer and unregistered seller will be governed under gst, if the turnover of both is below Rs.20 lakhs?
gauri agrawal (self employed) (223 Points)
18 May 2017how a transaction between unregistered buyer and unregistered seller will be governed under gst, if the turnover of both is below Rs.20 lakhs?
srinivas
(Finance Manager)
(239 Points)
Replied 19 May 2017
no need to register in gst if t/o below 20 lakhs. you can do your regular basis
https://www.accounts4tutorials.com/
Sunil Sharma
(29 Points)
Replied 19 May 2017
CA Stalin
(CA in Full time practice)
(232 Points)
Replied 21 June 2017
reverse charge liability on purchase from unregistered dealer is applicable only to a registered dealer. In this case both the parties are below the threshold limit. Assumig that the buyer didn't take voluntary registration, no GST liability would arise.
Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance
CAclubindia
