a registered person (normal reg) under gst, purchases goods from a registered person under composition scheme. do we have to pay purchase tax under reverse charge
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Purchase from compostion dealer
Replies (6)
alo how we report it in gstr 2
No you don't have to pay tax under RCM on purchase from composition dealer. In gstr2 such supplies have to be consolidately shown in table 7. Supplies received from composition taxable person and other exempt
what i have understood is that your supplier is registered under composition scheme laid down under section 10 of CGST Act. if so, then the suppier cannot collect any tax from you and he also cannot issue any tax invoice to you. Therefore, you cannot take any credit also. The supplier will pay GST at the prescribed rate without issuing taxable invoice to you. The answer lies in section 10(4) of CGT Act.
FURTHR, table 7 of GSTR 2 provides space for making entries in respect of supplies received from suppliers registered under composition scheme.
yes ....u r right
Thank you Ramesh sir & Anshul sir
Prasanth,
But you should try to purchase goods from a regular dealer rather than a composite dealer so that you can take tax credit if possible.
But you should try to purchase goods from a regular dealer rather than a composite dealer so that you can take tax credit if possible.
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