TaxTMI 
TaxTMI 
Sales bill with purchase bill
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....ales bill with purchase bill<br> Query (Issue) Started By: - Pawan Chaudhari Dated:- 6-10-2017 Last Reply Date:- 7-10-2017 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>Hello,I have small scrap shop,I purchase scrap from house hold like old paper, iron steel etc.and give them money in cash So I don't have any bill of purchase and when I sale this goods after accumulation in bulk to o....
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....ther dealers for which I give them GST bill and they pay me amount including GST via cheque which I have to withdra cash from . So my query is how do I show the purchase.? I also have to transport accumulated goods to the dealer. Or any suggestions how will GST work with this business model.? Reply By Pawan Chaudhari: The Reply: It's sales bill without purchase bill Reply By KASTURI SETHI: ....
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....The Reply: In such a situation, practically, purchase bill is not possible. So in the absence of purchase bill, you cannot avail ITC. So loss is to you. But you will have to deposit GST into Govt. as you have collected the same from your buyers. You will have to work out value of purchase by going backwards i.e. from sale price minus GST. By depositing GST into Govt. Accounts, your outward liabil....
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....ity is over. Regarding purchase entry has to be made in ledger though you may not have purchase bills. Value addition has to be taken care of. Reply By Ravikumar muthusamy: The Reply: you can raise payment voucher and consider it as purchase bill for accounting and other purposes Reply By Himansu Sekhar: The Reply: Purchases from urd persons will attract gst if per day purchase ismorethan fiv....
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....e thousand. You can have an invoice once in a month and pay gst on reverse charge and take ITC. Reply By Chhatra Jain: The Reply: As you are purchasing from URD it for you to pay raise bill of supply if it is more than 5000/ per day and pay GST in reverse charge. Once you pay you pay GST in reverse charge it will be your ITC and same can be adjusted against your output liability. Alternatively i....
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....f purchase is less than 5000/ you can raise GST in Sales Invoice and pay GST. So in this way you can discharge your GST liability. In case of transportation of goods to dealer if freight is less than 1500/ no need to pay GST. If it is more than that recipient is to pay GST on Freight iin reverse charge. But GST Council in its meeting has deferred RCM till 31 st March 2018 so let us wait for noti....
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....fication and reply to this query may be modifies accordingly. Reply By KASTURI SETHI: The Reply: The whole scenario has changed. Our books purchased after implementation of GST have become almost outdated within three months in view of wholesale changes after 1.7.17. GST has become a mess. Question mark on software of GST. Question mark on the efficiency of Govt. All show Govt. Is itself confus....
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....ed because of too many frequent changes desperately.<br> Discussion Forum - Knowledge Sharing ....