Understanding Reverse Charge Mechanism
This query is : Resolved
Quick Summary
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.
16 March 2021
GST not applicable on your purchases. Account consolidated daily purchase.
09 April 2021
Is GST is not applicable in reverse Charge mode?
09 April 2021
GST not applicable on reverse charge mode on such purchases.
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 ??
09 April 2021
You should have only one tax invoice book consequtively numbered.
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
- Sales of goods of amount Rs77 lakhs to a party
- ITR-3 - How to show loss in 65(i) - (iii) under under Part A - P & L section and sub section 65?
- Schedule Dpm under 44ada no account casr
- Automatic MIS from Tally ERP
- Filling ITR for FY 2024-25
- REGARDING TURNOVER LIMIT
- FRESH FRUIT JUICE EXEMPTION UNDER GST
- Interest Reporting in Form 168
- SALE SHOWS ACCORDING SERVICE PROVIDE BUT SERVICE RECEIVER (GOVT. DEP) SHOWS SALES IN 26Q DIFF YR
- Registration of Educational Institution U/s 12A
- Stop filling ITR
- RCM PAYMENT OF APRIL 2025 NOT PAID IN YEAR AND NOW PAYING IN OCTOBER 2026 RETURN
- Refund of Rs.4,00,000/- pursuant to Appeal Order – Deceased Proprietor & Closed Bank Account
- Experienced CA recommendation from Kolkata for FNO return filing
- GST Registration DELHI MUMBAI
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
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
