Is RCM applicable on Purchase from Unregulated person???

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ACCOUNTANT CUM C&F MANAGER
3 Points Posted on 28 May 2021
Pls confirm if the same is applicable.
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On 28 May 2021 at 10:27 Report
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Quick Summary
This discussion clarifies the applicability of the Reverse Charge Mechanism (RCM) when making purchases from unregistered individuals or entities. It confirms that RCM is indeed applicable if the total purchase value from an unregistered person exceeds £5,000 in a single day, requiring the buyer to account for the tax.

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Chartered Accountant
24588 Points Posted on 28 May 2021
Yes RCM is
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On 28 May 2021 at 12:05
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CMA
13117 Points Posted on 28 May 2021
Unregulated in what context here?
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On 28 May 2021 at 13:46
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285 Points Posted on 28 May 2021
If more than Rs.5000 / - is purchased from unregistered person in one day, we have to submit tax in RCM.
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On 28 May 2021 at 17:12
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Chartered Accountant
24588 Points Posted on 28 May 2021
RCM is applicable
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On 28 May 2021 at 19:24

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