sir,
we have rcm cloth purchase below 5000 on july '17 to March '18 so we have not rcm paid in 17 -18
please clarify this transcation
3 Replies
Sunil Shrestha
(Assistant Manager Finance )
(27 Points)
Replied 21 August 2019
If you are talking about rcm on purchase from unregistered vendor, then i think government has deferred this provision.
praveen
(Expert)
(350 Points)
Replied 22 August 2019
If you made purchase from Unregistered dealer then such purchase is exempted from RCM till 30.09.2019..
CA Haritha Komma
(Chartered Accountant)
(1147 Points)
Replied 22 August 2019
RCM is on following transactions:
1. On specified category of transactions - GST to be paid under RCM irrespective of vendor being regd/unregd (GTA etc.)
2. On procurements from unregistered persons - GST to be paid under RCM only till 13th Oct'17. Further, exemption upto 5,000/day is available during the said period. Hence, if your purchase value exceeds 5,000/day then GST is payable under RCM on entire amount till 13th Oct'17.
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