Reverse charge mechanism for composition scheme dealer
This query is : Resolved
02 August 2017
Dear Sir/madam,
If i have opted for compostion scheme, Whether i need to pay GST under reverse charge Mechanism if i purchase from unregistered Dealer. Need clarification.
If i have opted for compostion scheme, Whether i need to pay GST under reverse charge Mechanism if i purchase from unregistered Dealer. Need clarification.
02 August 2017
Yes. You have to pay for the same under RCM.
02 August 2017
Its a big compilance Burdern.
What about the Maintenance of Books of account for Dealer under compostion scheme
What about the Maintenance of Books of account for Dealer under compostion scheme
02 August 2017
01. In my practice of around 35+ years, I never came across with a person who does NOT maintain accounts. It is a different proposition whether those accounts are as per Accounting Standards or not.
02. The second point is that, if a person is desirous of composition necessarily implies that his/her turnover is less than 75 lakh per annum. i.e. to say average daily turnover of less than 20,000/- In reality s/he should get ample time ti fill GSTR 1. On the contrary s/he can think of providing the service of filling GSTR 1 for other small timers like him/her..... What do you say?
02. The second point is that, if a person is desirous of composition necessarily implies that his/her turnover is less than 75 lakh per annum. i.e. to say average daily turnover of less than 20,000/- In reality s/he should get ample time ti fill GSTR 1. On the contrary s/he can think of providing the service of filling GSTR 1 for other small timers like him/her..... What do you say?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- Inventory of finished goods
- TDR receipts for agreement holder
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- ERROR WHILE GENERATING .XML FILE FOR AY 2018-19
- Vivad se vishwas scheme 2024 new
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
