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
Sunil Shrestha
(Assistant Manager Finance )
(27 Points)
Replied 21 August 2019
praveen
(Expert)
(350 Points)
Replied 22 August 2019
CA Haritha Komma
(Chartered Accountant)
(1147 Points)
Replied 22 August 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.
CAclubindia
