Composition scheme
This query is : Open
ankita gupta
(Querist)
07 August 2017
Dear All,
If any person opting composition scheme and purchase goods worth Rs 15000 from unregistered dealer, is he liable to pay tax under RCM on those goods which was purchased from unregistered dealer, if yes then is he eligible for Credit of taxes paid by him under RCM or that tax amount is considered as cost?? please refer any provision if possible
If any person opting composition scheme and purchase goods worth Rs 15000 from unregistered dealer, is he liable to pay tax under RCM on those goods which was purchased from unregistered dealer, if yes then is he eligible for Credit of taxes paid by him under RCM or that tax amount is considered as cost?? please refer any provision if possible
CA Altamush Zafar
(Expert)
07 August 2017
RCM applicable as a registered dealer is purchasing from unregistered. No credits available. Refer section 10(4).
ankita gupta
(Querist)
08 August 2017
it mean person opting the composition scheme also liable to pay tax under RCM if they purchase from unregistered dealer
08 August 2017
No credits available. But, Considered as cost.
After the items value is higher than regular dealer......
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