Reverse charge
This query is : Open
23 July 2017
If total purchases is (5000 exempted + 4000 taxable) from unregistered persons in a day, will GST be payable on 4000 under reverse charge ?
CA Rashmi Gandhi
(Expert)
23 July 2017
Yes,.................
Message likes :
1 times
23 July 2017
If you can explain how ?? Will the limit of Rs.5000 per day be not applicable ?
CA Rashmi Gandhi
(Expert)
23 July 2017
Purchase on 2 different days.
23 July 2017
LIMIT: Rs. 5000 per day from our Cash box or Bank.... Not person to person....
23 July 2017
Thank you for all your replies. I am aware about the fact that the limit is for all transac combined. Also the limit is not applicable for exempted pur/serv. There can be only two possibilities:
i) No tax even on taxable portion of 4000 since it does not exceed the limit of 5000.
ii) Tax on 4000 since the total of such pur/exp from unregistered persons i.e. Rs.9000 exceeds the daily limit.
Which of the above holds true??
i) No tax even on taxable portion of 4000 since it does not exceed the limit of 5000.
ii) Tax on 4000 since the total of such pur/exp from unregistered persons i.e. Rs.9000 exceeds the daily limit.
Which of the above holds true??
CA Rashmi Gandhi
(Expert)
23 July 2017
ii option is correct.
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