Reverse charge mechanism for composition scheme dealer
This query is : Resolved
02 August 2017
Dear Sir/madam,
If i have opted for compostion scheme, Whether i need to pay GST under reverse charge Mechanism if i purchase from unregistered Dealer. Need clarification.
If i have opted for compostion scheme, Whether i need to pay GST under reverse charge Mechanism if i purchase from unregistered Dealer. Need clarification.
02 August 2017
Yes. You have to pay for the same under RCM.
02 August 2017
Its a big compilance Burdern.
What about the Maintenance of Books of account for Dealer under compostion scheme
What about the Maintenance of Books of account for Dealer under compostion scheme
02 August 2017
01. In my practice of around 35+ years, I never came across with a person who does NOT maintain accounts. It is a different proposition whether those accounts are as per Accounting Standards or not.
02. The second point is that, if a person is desirous of composition necessarily implies that his/her turnover is less than 75 lakh per annum. i.e. to say average daily turnover of less than 20,000/- In reality s/he should get ample time ti fill GSTR 1. On the contrary s/he can think of providing the service of filling GSTR 1 for other small timers like him/her..... What do you say?
02. The second point is that, if a person is desirous of composition necessarily implies that his/her turnover is less than 75 lakh per annum. i.e. to say average daily turnover of less than 20,000/- In reality s/he should get ample time ti fill GSTR 1. On the contrary s/he can think of providing the service of filling GSTR 1 for other small timers like him/her..... What do you say?
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