📢 GST on Metal Scraps supplied by Unregistered Supplier to Registered Supplier
🔊 Important Facts to Note:
• Reverse Charge Mechanism (RCM) ⚙️ will be applicable on the supply of metal scrap by an unregistered person to a registered person.
• Provided that the supplier shall take registration 📋 as and when it crosses the threshold limit.
• Such Registered Recipient will raise a Self Invoice 🧾 u/s 31(3)(f) of the CGST Act.
• Credit of GST 💰 paid under RCM by Such Registered Recipient is available (Section 16(2) of the CGST Act read with Rule 36(1)(b) of the CGST Rules).
• TDS @2% ✂️ is to be deducted by the Recipient in B2B Supply:
A TDS of 2% 📉 will be applicable on the supply of metal scrap by a registered person in a B2B supply. This is done to control and check the fake ITC.
• Points to be noted:
• How can the recipient ascertain that the supplier has exceeded the threshold limit ❓, thereby becoming liable for GST registration?
• If a Registered recipient deducts 2% TDS ✂️ while making a payment to a supplier, who is later found to be non-existent or credit is doubtful 🚫 because of the preceding supplier(s), how will the recipient ensure compliance and avail the input tax credit?
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Key Highlights of 54th GST Council meeting [Download Press Release]
Read More at: [ Ссылка ]
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Dear Friends & Colleagues,
Our book on Goods and Services Tax, titled, "GST LAW AND COMMENTARY – WITH ANALYSIS AND PROCEDURES", by Bimal Jain & A2Z Taxcorp LLP, 9th Edition (September 2024), updated with the Finance (No.2) Act, 2024, is launched in the market.
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Highlights of the Book:
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⭐️ Vol 2: Detailed commentary on Principles of time of supply, place of supply, exports and imports, job work, TDS, TCS, constitution of the GSTAT, demand and recovery, inspection, search, seizure & arrest, and appeals & revision, under GST.
⭐️ Vol 3: Detailed commentary on offences, penalties, prosecution, compounding, payment, invoice, refund, e-way bill, along with relevant forms & their due dates, ‘e-invoicing’ and ‘QR code’ under GST. Way forward GST return system – sequential filing of GST returns, GST Returns filing & matching of GST ITC with tabular presentation of GSTR-9 and GSTR-9C, etc. Complete Guide and Manual for GST Rates of Goods or Services/ Exemptions of Goods or Service
⭐️ Vol 4: All updated CGST, IGST, UTGST and GST Compensation Cess Act and rules, Notifications, Circulars, Orders, Press Releases, various GST Forms, GST Council Meetings, etc. (With QR code access through Coupon code)
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📧: kunal@makemydelivery.com -
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