it has been informed by CA to one of my friend that if you buy or trade with dealers whose turn over less than 20 lacs or who do not have GST a/c the cannot show the expenses or purchase in income tax filling unless buyer pays the GST. if this is correct why give exemption trader having below 20 lacs turn over . can some one help on this subject more
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Change your CA to avoid future litigation and big losses. Make all transaction through banking system when supplier of service or goods are non gst supplier. The reverse charge is implemented for security, manpower service, etc but not for goods till date although it is in the proposal. Your CA do not update themselves more
Nov 01
It is not correct. There as a proposal to pay GST on reverse charge, but the same was withdrawn. There is no such provision more
Oct 31
There is no disallowance in Income Tax in reference to GST, Please Check the Communication, Mostly Informal Communication travels with Modifications. more
Sep 03
Income tax & GST are two diff in nature one is Direct tax paid on your profit and second GST paid on sale/purchase. As mentioned many collegues Rs.5000/- per day is allowed to buy without bill or from unregistered dealer, if it exceeds then you can pay tax on RCM basis and claim in the subsequent month as ITC. CA's are not advising their clients about this clearly or GST Act is also not clear about few anomolies as it is cumbesome tax structure for SME's who work with min manpower and becos of GST they need to digitilise their accounts either emplying expeirenced accountant for high salary or pay CA hefty fees !!! more
Aug 31
