30 September 2017
If is a reprocessing industry manufactures Semi finished Raw material for further manufacturing industries of final product. The industry purchase scrap as inwards from small URDs.
The query is Where to show these below 5k inwards/purchases in GST Returns?
01 October 2017
I am little confused on this issue because of following reasons
1. The supply taken above is not exempted. Supply is of taxable goods. In normal course tax will be payable on this supply if bought from registered dealer and would have been reported in GSTR2.
2. Goods have been bought for processing so this is direct expenses of Purchase which should be reported and we're also reported in previous tax regime like Vat and not indirect expenses which can be foregone.
3. If this purchase has gone above 5000 per day it would have come under RCM and need to be reported.
That's why I feel it's system glitch that something should be reported but buyer is using a notification of exemption of Rs. 5000 to avoid this reporting.
01 October 2017
Also the same related discussed once a day and Our Fellow Experts the great CA SEETHARAMAN Sir replied to "It's no need Show in GSTR returns". Also Ca Rashmi Gandhi attent the query...
01 October 2017
This is not simple as it seems.
1. These are taxable goods and as Mr. raja has told cannot be considered as exempted goods. hence will not go under supply of exempted goods.
2. If you consider that these taxable goods have become exempted vide notification of RCM under 5000 that will lead to massive accounting as other services supplies on that particular date from URD will also be have to considered in this supply.
As of now I feel there is no option to fill such details and it's better to leave such supplies from return.
01 October 2017
@Mr. ShamsheerKhan.,
No...
It's not considered as Non-GST supply... It's taxable supply. But, Allowed in ceiling limit. So, We don't show it anywhere....
01 October 2017
Firstly wait for GSTR -2 for better opinion.
But in my opinion you have to report otherwise there will be difference in your actual inward supply & reported inward supply.
01 October 2017
Fill it in table 8 of GSTR 2 Details of materials received from unregistered persons during the tax month – this is a common field for mentioning all kinds of supplies that have been received from unregistered persons, both intra-state and inter-state. The supplies that are received shall include materials received from an unregistered person, composition dealer and remaining non-GST, exempted or zero-rated supplies.
CAclubindia
