Buying from a composition dealer
Vijay Nichani (35 Points)
19 June 2017
How will a purchase from a composition scheme supplier be recorded in the buyers books?
6 Replies
Gagan Singla
(564 Points)
Replied 19 June 2017
purchase from composition dealer is generally by consumers as this scheme is for small traders consumera etc. they dont have genraly books as they cant claim ot as expense. so if any business concern in rare case pirchase from composition dealer it can claim expense normally
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 19 June 2017
The purchase amount will be the cost for the buyer.
Vijay Nichani
(35 Points)
Replied 19 June 2017
Wht I meant also was that how do we record the bill of supply issued if the case may be.. Is reverse charge applicable or just that entry is done
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 19 June 2017
No reverse charge applicable if purchased from composite dealer.
Lalit Nagpal
(Assistant Manager)
(541 Points)
Replied 19 June 2017
Bill of supply will flow from composite dealer to Purchaser, NO ITC and No RCM for purchaser
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