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
please explain
it means:
Previously: As per Sec 9(4), Reverse Charge was applicable, Tax was to be paid by the Buyer, if he had purchased from Unregistered Dealers, for above Rs. 5,000 in a single day.
Now: Reverse Charge would not be applicable, Tax would not be charged by the Govt from the Buyer, If he purchases from Unregistered Dealers, for even above Rs 5,000 in a single day.
Note: This exemption will be available till 31 Mar 2018, but may extend further.
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