My friend is selling 2nd hand mobiles. His turnover has crossed 20lacs for FY 2018-19. But he hasn't applied for GST registration. Now he is ready to get gst registration.
In margin scheme purchases from unregistered supplier by a registered person is taxable only on margin amount over the purchase amount.
Now that he is going to take registration can he avail margin scheme by paying RCM for all the purchases he made last year along with interest?
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Margin scheme for second hand goods
Replies (3)
Read valuation rule 32(5)
Your value of supply shall be the difference between Sale and Purchase Provided no ITC has been taken on Purchase
and why you will pay tax on RCM ???
Your value of supply shall be the difference between Sale and Purchase Provided no ITC has been taken on Purchase
and why you will pay tax on RCM ???
@ saket mishra I'm sorry that was not RCM. the margin amount is what I meant. I have to pay gst on margin amount right. If I take registration now. Will I be able to pay tax on margin amount for FY 2018-19?
yes for more information read valuation rule 32(5)
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