Rcm under rs.5000
This query is : Resolved
10 July 2017
Pl advice:-
1.As per notification 8/2017 of CGST, exemption is granted upto 5000/- from Reverse Charge (per day limit). As per circular only CGST is exempted where as SGST is not. For SGST exemption under this catagory is there any notification issued ? please advice
2.As per notification 8/2017 of CGST exemption is granted up to 5000/- from Reverse Charge. Suppose I purchase goods/supply from 4 different people @ Rs.1000/-each everyday (from unregisted entity).Pl advice whether I have to prepare Tax Invoice and Payment Invoice for each party every day? or is it enough to prepare consolidated bill of supply?
1.As per notification 8/2017 of CGST, exemption is granted upto 5000/- from Reverse Charge (per day limit). As per circular only CGST is exempted where as SGST is not. For SGST exemption under this catagory is there any notification issued ? please advice
2.As per notification 8/2017 of CGST exemption is granted up to 5000/- from Reverse Charge. Suppose I purchase goods/supply from 4 different people @ Rs.1000/-each everyday (from unregisted entity).Pl advice whether I have to prepare Tax Invoice and Payment Invoice for each party every day? or is it enough to prepare consolidated bill of supply?
10 July 2017
You are purchasing hence you need not raise any invoice only the sellers will raise bill of supply.
10 July 2017
thanks sir..please see the query no.1 also and clarrify
10 July 2017
For SGST exemption under this category no notification so for issued.
10 July 2017
thank you sir...it means half of the gst to SGST is still a liability under RCM and has to follow all steps like preparing tax invoice and payment invoice?
10 July 2017
No...
Above said exemption limit passed in Tamilnadu...
Above said exemption limit passed in Tamilnadu...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
