in case per day expenses more
than 5000/- ( both cash and bank payment) crossed, we have to pay RCM on that same we can claim in ITC. is it necessary to pay RCM on that.as per our auditor instruction.
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RCM quiry
Replies (2)
Yes,
If Invoice Value <= Rs. 5000/day
You have to generate Invoice without RCM and all goods/services need to be recorded as extempted supply
If Invoice Value > Rs. 5000/day
You have to generate Invoice with RCM and all goods/services need to be recorded as per tax rate. If these expenses are for Business purpose, then you can claim ITC.
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Pranoti
Octa GST - Free offline desktop application to file your GST returns
thank u for quick response.
this condition applicable all gst returns or only in gstr-3b
this condition applicable all gst returns or only in gstr-3b
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