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Agriculture products rcm

27 March 2022

if i am traders purchases castor seeds from farmer and selling to Other registered dealer, Should i pay Reverse Charge on Value of purchase from farmer?

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4 Replies

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 27 March 2022

As per GST Law, there is no GST payable on Castor oil seeds. So the rate of GST payable on Castor oil seeds is nil rate

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Imthias ahamed Kormath (910 Points)
Replied 28 March 2022

If u registered u will keep all books of accounts as per GST law.
Not registered ,u will b issues bill of supply documents to a registered dealer.if value of goods above 50000/- e way bill is mandatory for the movement of goods.

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 28 March 2022

RCM is not applicable..

Imthias ahamed Kormath (910 Points)
Replied 29 March 2022

RCM not applicable,but if u issued an purchase invoice against ur inward supply from urp, ITC can not claim,which will b shown in the blocked ITC as igst paid on import goods.