Sir suppose I make registered person and I do expense on computer repairs or cartage from person who is unregistered Due to his 20 lack limit. Will I be eligible to show the expense in my profile and loss account as expenses.
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Expenses from unregistered person
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When you are a registered person and your purchasing of goods or service from unregister person. Then in this case your libility to pay GST under GST Reverse Charnge Mechanisim. It will be applicable in bothe case like service or goods. You cant take input Credit after payment made.
Then why government has given relaxation of 20 lacks under gst for not getting registered
dear siddarath, govt given exemption limit to save small dealers from compliance. But government also do not want to lose revenue. However you will not lose anything as the vat paid by you under reverse charge is admissible as input credit to you...however you compliance requirement will increase a bit due to this.
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