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covered under RCM????

RCM 348 views 5 replies
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Accounts Manager
73 Points Joined April 2015
1. Rs 4800/- for fabric purchased from xy & co (unregistered dealer )

2. Rs 1200/- for yarn purchase from ABC & CO (unregistered dealer.)

the above payments are made through cash.
Now pls tell me i will be covered under RCM or not?????
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On 04 July 2017 at 18:26 Report
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n.a
54 Points Joined February 2012
Yes, if both purchased on same day
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On 04 July 2017 at 18:53
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Accounts Manager
73 Points Joined April 2015
thanks sir but on one day we have vehicle maintain cost, petrol exp, wages, transport charges, travelling exp, tea cash, courier charges, night food allowance, taxi fare paid. it touched rs.25000 per day. can i covered under RCM?
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On 05 July 2017 at 15:27
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n.a
54 Points Joined February 2012
yes, notification provide limit for all invoices per day only 5000
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On 05 July 2017 at 15:43
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accountant
361 Points Joined September 2011

in this case gst calculated on 25000/- or 25000-5000(less exempted) and paid gst on balance 20000/-

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On 05 July 2017 at 15:50
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n.a
54 Points Joined February 2012
Rs. 5000 is not exemption limit. as per circular you don't have to pay under RCM if value doesn't exceed 5000, if it is increases then tax has to pay on full Amount.
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On 05 July 2017 at 15:56

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