Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Govt. cancelled rcm till 31.3.18

vivek (A/cs) (48 Points)

14 October 2017

Dear Sir/Madam

Pls. Clarify is applicable on arecanut purchase from unregistered person

Reply
Follow
Share

7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170066 Points)
Replied 15 October 2017

1. Fresh areca nut / betel nuts fall under heading 0802 and attract Nil GST.

2. Dried areca nut / betel nuts fall under heading 0802 and attract 5% GST.

3. No RCM till March 2018, when purchased from URD

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

vivek (A/cs) (48 Points)
Replied 15 October 2017

My product is dried areca nut (HSN:0802), Now no payment of RCM till march 18

once again Thank you Sir

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170066 Points)
Replied 16 October 2017

Most Welcome

1 Like

Madhukar N Hiregange (Chartered Accountant) (39034 Points)
Replied 17 October 2017

RCM Postponement - Applicability

1. There were 2 main provisions- one copied from Service Tax - Sec 9(3) - GTA, Advocates, Foreign services recived- this continues- no change as of now.

2. The second was unregistered suppliers reciepts by any GST registered person to be liable on RCM from 1st July under 9(4). Relief provided by way of 5K per day per registration. This provision has been kept in abeyance till 31st march 2018 as the concept brings out errant suppliers not in the mainstream who evade/ underinvoice. This is from 12th October.

Question is from 1.7 to 12.10 the amendment does not specify that there wouldbe no liability. However 80% in numbers would not have complied with the RCM and 20% would have. In 80% some may want to be safe and not face demand.

The advice is if credit is available and can be utilised- to avoid a possible demand- one can for compliance- cost will be only compliance.

In the interim ask industry to ask for waiver in period of 1.7 to 12.10 as those who have complied - 90% wouldhave availed credit. This would helpthe SME- otherwsie after a few years the demand on the same rleif provided would come. This exemption should be asked to be made retrospective clearly.

4 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170066 Points)
Replied 17 October 2017

Originally posted by : Madhukar N Hiregange
	In the interim ask industry to ask for waiver in period of 1.7 to 12.10 as those who have complied - 90% wouldhave availed credit. This would helpthe SME- otherwsie after a few years the demand on the same relief provided would come. This exemption should be asked to be made retrospective clearly.

Sir,

No clarifications issued while implementations or modifications/changes in rules by CBEC.......

The fear of such non-compliance based on such non-clarifications by rulers is piling up !!!

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 20 October 2017

Dear Dhirajlal Sir.,

Please give me solutions...

Dear Sir / Madam.,

I filed the GSTR 3B for the month of August with Payment correctly (Rs.100000)

Now we have another one payment ll payable for August month bill (Missing / no payment) Rs. 150000. I ll pay today...

Queries:

1. How to I calculate Interest for the month of August...?

2. Which amount calculate Interest Rs. 250000 or Rs. 150000 (balance)...? Please give me reply.

Its Urgent...

Thanks & Regards

Read more at: https://www.caclubindia.com/forum/interest-calculation-431103.asp

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (170066 Points)
Replied 20 October 2017

Interest is to be calculated on GST liable over the BALANCE amount, but interest should not be levied till final return GSTR 3 for the month of August is filed.