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 .
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Replies (6)
If trader is registered under GST, then he has maintain books of accounts as per section 35 and 36 of the CGST Act 2017 ( amended till date) , please refer section 35 , 36 of the CGST Act.
Also refer Rule 56 , 57 , 58 of the CGST rules 2017 , to maintain the books of Accounts of GST registered person .
Also refer Rule 56 , 57 , 58 of the CGST rules 2017 , to maintain the books of Accounts of GST registered person .
If they can show bills on RCM basis, they can use the same to discharge tax liability..
Also you should maintain books of accounts as per Section 35 and 36 of CGST act and rules made there under
Also you should maintain books of accounts as per Section 35 and 36 of CGST act and rules made there under
Please tell me what should my client do..they can't maintain purchase details as these purchases are very small quantity like Rs.100 or Rs 500. total daily purchase adding all vendors is somewhere around 20000 a day.
As per GST Law , your Client has to maintain all purchase details, even though it is small in quantity. so maintain all purchase details.
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