Understanding Reverse Charge Mechanism
This query is : Resolved
Quick Summary
Aman Agrawal
(Querist)
15 March 2021
I trade in all kinds of Scrap like Plastic,Iron,Books,Steel etc.
I purchase scrap from local cycle vendors or from household Scrap they are not registered under GST regime. My total purchase per day is Rs.15000 to 30000 daily.
I made sales to big industries were I get the Tax and I paid to the government.
.
So my Question is. How to record Purchase ? Right now I am just writing down my purchases in register without raising any bills/Document.
GST rate is 18%. On iron and 5% on books.. how to make Bills on reverse Charge..
Can I make one consolidated bill at the end of the day/week??
But how can I make a consolidated bill when GST rate is different in different items?
Please suggest me some advice.
I purchase scrap from local cycle vendors or from household Scrap they are not registered under GST regime. My total purchase per day is Rs.15000 to 30000 daily.
I made sales to big industries were I get the Tax and I paid to the government.
.
So my Question is. How to record Purchase ? Right now I am just writing down my purchases in register without raising any bills/Document.
GST rate is 18%. On iron and 5% on books.. how to make Bills on reverse Charge..
Can I make one consolidated bill at the end of the day/week??
But how can I make a consolidated bill when GST rate is different in different items?
Please suggest me some advice.
CA R SEETHARAMAN
(Expert)
16 March 2021
GST not applicable on your purchases. Account consolidated daily purchase.
Aman Agrawal
(Querist)
09 April 2021
Is GST is not applicable in reverse Charge mode?
CA R SEETHARAMAN
(Expert)
09 April 2021
GST not applicable on reverse charge mode on such purchases.
Aman Agrawal
(Querist)
09 April 2021
Ok sir thanks alot..
I have one more question..
I made sales to registered dealer as well as unregistered small customers..
Can I make two invoice books 1 for registered dealers and second for unregistered dealers? Or should I have to make only one invoice book ??
I have one more question..
I made sales to registered dealer as well as unregistered small customers..
Can I make two invoice books 1 for registered dealers and second for unregistered dealers? Or should I have to make only one invoice book ??
CA R SEETHARAMAN
(Expert)
09 April 2021
You should have only one tax invoice book consequtively numbered.
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