Hi,
We are an manufacturing plant.We are taking services from contractor.
We are issuing some material to the contractor and amount of that material we are debiting to the contractor now question is that do we need to pay GST on this material under RCM??
If we need to pay GST do we need to raise tax invoice.??
1. If your party is not registered than you have to pay GST under RCM.
2. If Invoice value less than 5000, you no need to pay GST, upto 5000/- exepmted per day under RCM.
3. You have to make invoice against purchase and keep in your record you no need to raise invoice to anyone.
4. If your transaction as a service and not to be as a purchase, you have to pay GST on any amount because services not covered under exempt in RCM.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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