Hi professionals,
my query is... my client is a traders of Scrap. They use to purchase old books,Cardboard scrap from unregistered dealers like very very small vendors in small quantity.. and then they sell it to registered dealers.
right now there turnover is Rs.1.5 crores...
they file there gst return every month and pay full tax liability in cash.
they are not showing any purchases and just selling the scrap..
now they are asking me what will happen to stock....
are they doing right thing? as RCM is not applicable on them..
or they should show bills on RCM basis also.?
right now they are showing only Sales .
CAclubindia
