plz explain in detail ,invoicing under reverse charge mechanism..
when to issue..
what to issue
and whether tax charged under reverse charge will be considered as input for the buyer or not
or when and how to pay tax on reverse charge..
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invoice under reverse charge mechanism
Replies (17)
You can issue one consolidated bill at the end of each month.
Issue tax invoice on self name
Any tax paid under RCM is available as input
Pay tax before 20 of next month by depositing challan over the counter or through online.
madam what is the logic behind this
first we are paying tax under rcm, then we are taking input for the same,
kindly explain the same
Only Govt know this but rule had been made & we have to follow.
There is no logic except that the Govt wanted to get money from unregistered business through the registered companies.
After some times, registered dealer will stop buying from unregistered due to the compliancea and shift to registered dealer.
In that case Unregistered busineeses will be forced to get registered ,, there by govt objective has been achieved..
can i have a draft format of such consolidated bill
naresh lakhani
There is no formar for Invoice in GST rather it should have the 16 characteristics mentioned in Sec.31.
You can prepare one invoice for all unregistered purchases with Rate wise (HSN wise)
You have to issue same invoice as you are issuing to other.....
Behind This Concept
Price of Goods & Service should be same
Whether Received from Registered & Unregistered
mam if i sale to 10 differ unregisterd dealer ..then i have to issue 10 differ consolidate bill.. pls tell me
Logically ,
GST wants to know whether the RCM charged tax is paid and then only legally you are allowed to take credit , hence no blame on the Govt. it is policy
LIke wise you are filing income tax return and if there is any refund will the I.T refund you automatically without actual payment it is like this , however
even IT return is not accepted without making any payment
TDS deducted if not paid to our account , if there is any refund , no such thing will happen .
You can issue one consolidated bill for all unregistered dealers.
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