Menu
reverse charge mechanism
If reverse charge mechanism is not applicable in case the aggregate value of goods or services (received by a registered person from unregistered person) is less than 5000 a day, then who is liable to pay the tax to the Govt.???
Replies (2)
No one is liable to pay tax to the Govt. It is a relief for small enterprises by govt. If the value of goods or services from one or all the unregistered suppliers is less than 5000 a day i.e. If the value is not greater than 5000 in aggregate in a day from all of the suppliers then there is no need to pay tax.
the government will still get the same tax as you will pay full tax when you will sale those goods and you will get nothing as credit as you didn't paid gst on that purchase on rcm basis....however this notification is beneficial for composition dealers as they can show RS 150000 purchase every month through this and will pay only 1 or 2 percent of tax.
Recent Threads
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
- Can I claim benefit under 54F if I sell my equity
- Income tax refund 25/26
- Who is responsible for paying GST Liability (If th
- Excess Payment on RCM
- AOC4 auto population of previous year data
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
Related Threads
CAclubindia
