RCM applicable
This query is : Resolved
Kollipara Sundaraiah
(Querist)
21 October 2020
A gst registered composite scheme dealer purchases of gold/ silver bars from un registered persons.
Question:
Dealer RCM payable compulsory in gst act
Question:
Dealer RCM payable compulsory in gst act
CA R SEETHARAMAN
(Expert)
22 October 2020
Yes it's compulsory.
A Composition Dealer has to pay tax under Reverse Charge Mechanism wherever applicable.
The rate applicable to the supplies is the rate at which GST has to be paid. This means that rate under composition scheme should not be used for reverse charge purposes.
Also, no ITC is available for tax paid under reverse charge for a composition dealer.
A Composition Dealer has to pay tax under Reverse Charge Mechanism wherever applicable.
The rate applicable to the supplies is the rate at which GST has to be paid. This means that rate under composition scheme should not be used for reverse charge purposes.
Also, no ITC is available for tax paid under reverse charge for a composition dealer.
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