Rs. 5000/- exemption

Page no : 2

Shyam (New Delhi) (86 Points)
Replied 02 October 2017

I have to declare these purchase in GSTR3B & 1 and pay tax or not? if purchase from registered dealer not having any valid invoice then how to file GSTR 1?

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 02 October 2017

No need to pay tax on it....

Madhukar N Hiregange (Chartered Accountant) (39034 Points)
Replied 02 October 2017

5k exemption is for each State where registration exists.

5K - Not to be considered for exempted goods & service are supplied or where no taxable ( diesel) goods or services ( transportation other than GTA or courier) provided.

Therefore such petty expenses to be classified into GST paid ( Comp dealers) , GST paid others, Exempted, Non Taxable. The balance needs to be bifurcated inot eleigible for credit and not eligible and the appropriate rate applied to each.

The main problem of the 5K exmeptions for SMEs are- daily account to be kept + if it exceeds only liable + classiifcation + credit bifucation and most importantly lack of correct advise from revenue or others.

1 Like

Shyam (New Delhi) (86 Points)
Replied 02 October 2017

need to mention in GSTR3B and GSTR or not? if yes, which column?

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 02 October 2017

Mention in 3B in inward supply

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 02 October 2017

No need Show it anywhere for the 5k limit expenses...

1 Like

mahesha (English) (81 Points)
Replied 10 October 2017

Hi ,

I saw few messages from experts, said that RCM not applicable till 31-03-2018.

5000/- aggregate i agree but RCM aplicable till 31-03-2018 or not ?????

Is't right or wrong ??????

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 10 October 2017

No RCM on purchase from unregistered dealer abolished upto April 2018

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 10 October 2017

Originally posted by : mahesha
	Hi , I saw few messages from experts, said that RCM not applicable till 31-03-2018. 5000/- aggregate i agree but RCM aplicable till 31-03-2018 or not ????? Is't right or wrong ??????