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Buying from a composition dealer
How will a purchase from a composition scheme supplier be recorded in the buyers books?
Replies (6)
purchase from composition dealer is generally by consumers as this scheme is for small traders consumera etc. they dont have genraly books as they cant claim ot as expense. so if any business concern in rare case pirchase from composition dealer it can claim expense normally
The purchase amount will be the cost for the buyer.
Wht I meant also was that how do we record the bill of supply issued if the case may be.. Is reverse charge applicable or just that entry is done
No reverse charge applicable if purchased from composite dealer.
Thanks
Bill of supply will flow from composite dealer to Purchaser, NO ITC and No RCM for purchaser
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