27 August 2017
ABC Co Ltd purchase Sand from UnRegister dealer and paid Rs.100 under RCM act. How to adjusted Rs.100 Input Tax credit against next month output tax. Next month output tax Rs.100/- Can we pay against our current liability.How to adjusted unregister itc of gst return. Please clear proper example.
28 August 2017
The GST law stipulates that where a registered person buys goods or services from an unregistered person, the liability to discharge GST is cast upon the registered person (being recipient of such goods or services), under the reverse charge mechanism. Additionally, since the unregistered person may/ may not issue invoice for such supplies and would certainly not issue a ‘GST invoice’ (being unregistered), the law casts an additional responsibility upon the registered buyer of goods/ services, to raise an invoice on self (‘self invoicing’) for such purchases from unregistered persons. Self invoice (on daily basis) for consolidated purchases made from unregistered person(s) during the day
Availability of threshold exemption of Rs 5000 per day on purchases made from unregistered supplier of goods and services.
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