Expenses under Rcm
This query is : Resolved
RK AND ASSOCIATES
(Querist)
20 August 2017
If my threshold limit of Rs.5000 exceed in day suppose 80000 in day now if don't show this under gst what will happened?
20 August 2017
If payment is during course of business it is evasion if you do not show. You have to pay on the entire 80000 in the day without deducting 5000. This is applicable only if the 80000 are taxable supplies.
RK AND ASSOCIATES
(Querist)
20 August 2017
it is taxable supply but I don't want to show under gst reverses charge
20 August 2017
The law it seems does not allow you to exclude taxable expenses from reverse charge if it is used for furtherance of your business. If it is below 5000 a day from URD the whole of it is to be shown under exempt. If it is above 5000 then the WHOLE of it is chargeable in RCM if it is used for your business.
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