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Tarun Shah (264 Points)

06 October 2017

rcm not applicable upto 31/03/18 for all business limit?

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12 Replies

Insightful thinking (Manager) (42 Points)
Replied 06 October 2017

Recommendation made by the GST Council in its 22nd Meeting held today under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley in the national capital.

Quote
6. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be reviewed by a committee of experts. This will benefit small businesses and substantially reduce compliance costs.
Unquote

Above recommendation is under consideration.

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RAVI KUMAR (ACCOUNTANT) (366 Points)
Replied 07 October 2017

I purchased from unregistered dealer and I already paid rcm amount what I do

Sujit Saha (243 Points)
Replied 07 October 2017

Now what about the 5000/- limit per day.

sourabh shrivas (38 Points)
Replied 07 October 2017

if u already paid through rcm the definitely u will get credit

sourabh shrivas (38 Points)
Replied 07 October 2017

now there is no relevance of 5000 limit till 31.01.18

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sourabh shrivas (38 Points)
Replied 07 October 2017

31.03.18

RAJA P M ("Do the Right Thing...!!!") (128075 Points)
Replied 07 October 2017

rcm covered by 9(4) of cgst act removes
but rcm under section 9(3) is still applicable

sourabh shrivas (38 Points)
Replied 07 October 2017

yess...correctly said..

RAJA P M ("Do the Right Thing...!!!") (128075 Points)
Replied 07 October 2017

Upto September RCM is applicable. From October 1st RCM cancelled above said way...

@ RAVI KUMAR,
No problem in case you paid the amount. You can adjust in your other liabilities. Bcoz, No more specifical payment heads in Challan....