Rcm
This query is : Open
26 August 2017
We deal in spices which are agricultural product.
As far as i know there is no RCM to be charged for agricultural goods supplied by GTA to us.
Please confirm. Whether RCM to be charged or not ?
CA Rashmi Gandhi
(Expert)
26 August 2017
If spices are not in powdered form than it is agriculture produce & no RCM applicable on it.
CA Rashmi Gandhi
(Expert)
27 August 2017
Then no RCM applicable...
28 August 2017
IS IT ON EXEMPT AGRICULTURAL PRODUCTS OR TAXABLE AGRICULTURAL PRODUCTS ?? KINDLY REPLY
CA Rashmi Gandhi
(Expert)
28 August 2017
All agriculture produce.Also exempted for rice & pulses.
28 August 2017
One more doubt if you can Clarify :
DOES RCM NEEDS TI BE CGARGED ON ACCRUAL BASIS OR PAYMENT BASIS.
FOR EX:
RENT FOR JUNE MONTH IS PAID IN JULY THEN WHETHER RCM NEEDS TO BE CHARGED IN JULY FOR THE PAYMENT MADE OF JUNE ? KINDLY REPLY.
CA Rashmi Gandhi
(Expert)
28 August 2017
In case of reverse charge, the time of supply shall be the earliest of the following dates:
(a) the date of receipt of goods OR
(b) the date of payment* OR
(c) the date immediately after THIRTY days from the date of issue of invoice by the supplier
If it is not possible to determine the time of supply under (a), (b) or (c), the time of supply shall be the date of entry in the books of account of the recipient.
*The date of payment shall be earlier of:
The date on which the recipient entered the payment in his books OR
The date on which the payment is debited from his bank account
CA Rashmi Gandhi
(Expert)
28 August 2017
So it is clear from above provision that RCM to be charged on payment basis.
28 August 2017
Dear CA Rashmi Gandhi Madam.,
In your view RCM not applicable that items....
But, GTA.....?!
28 August 2017
RCM on Rent:
If you book rental on 30th June then you ll be pay the amount after June. The RCM applicable date is 30th June. In case you ll be book and pay June's rental on July at the time of payment and book RCM applicable the date of payment....
CA Rashmi Gandhi
(Expert)
28 August 2017
GST applicable on such transaction as time of supply is daye of payment i.e. in July.
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