sir,
we have rcm cloth purchase below 5000 on july '17 to March '18 so we have not rcm paid in 17 -18
please clarify this transcation
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rcm purchases
Replies (3)
If you are talking about rcm on purchase from unregistered vendor, then i think government has deferred this provision.
If you made purchase from Unregistered dealer then such purchase is exempted from RCM till 30.09.2019..
RCM is on following transactions:
1. On specified category of transactions - GST to be paid under RCM irrespective of vendor being regd/unregd (GTA etc.)
2. On procurements from unregistered persons - GST to be paid under RCM only till 13th Oct'17. Further, exemption upto 5,000/day is available during the said period. Hence, if your purchase value exceeds 5,000/day then GST is payable under RCM on entire amount till 13th Oct'17.
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