GST IS APPLICABLE ON PETTY CASH EXPENSES ?
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Gst on petty cash
Replies (19)
Yes if u claim in business... Identify each expenses hsn code and rate... If gst paid on that expenses its ok but if not paid pay on reverse charge... And tell employees bring bill on company name only...
If want more details (whatsapp - 9869694292)
Notification expected in near future for exemption of cash expenses upto Rs. 5000/- . [No RCM]
More details awaited.......
Till now no notification do rcm is better option
what is full form of rcm sir
Reverse charge mechanism
RCM is applicable to services which is mentioned in the GST council listed service but in case of goods RCM applicable to direct purchase
Notification No.8/2017-Central Tax (Rate)
........................................................... Provided that the said exemption shall not be applicable where the aggregate value of such supplies of goods or service or both received by a registered person from any or all the suppliers, who is or are not registered, exceeds five thousand rupees in a day...................
Copy attached
So is RCM applicable on ALL GOODS where supplier is unregistered ? ... considering value is above 5000/day
as per notification chat exempted upto 5000 but not sgst on RCM
Input Credit available on RCM or Not
Wake Up Bro! Notification for Payment up to Rs.5,000/- per day within state has exempted vide notification dated 28/05/2017.
| Originally posted by : Shilpa Makwana | ||
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Input Credit available on RCM or Not |  |
Yes.......... but next month......... as it will get auto-populated in GSTR 2
Sir, when I pay advance to my employees for a number of petty cash items, i don't know the exact HSN code as the stuff is yet to be purchased. How do i tackle this situation? How do i charge GST on such advance?
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