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TMI BlogNeed some clarification on tax reversX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear sir/madam, This is sivakumar.i am starting very small business with GST registered. I am going to buy some furniture and computers for my business. I don't have enough knowledge about GST. so could you please explain me that am I allowed to get tax revers whichever I am going to pay to the vendor. Because my business is not yet open but works are under process. If you don't mind can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anyone send a chart of the products that we can revers the tax. Thanks Regards Sivakumar - Reply By MARIAPPAN GOVINDARAJAN - The Reply = You say you have not yet started. Your annual transactions will not cross ₹ 20 lakhs. So you are exempted from registering under GST. Why did you register? Whether voluntarily? Further I can't understand what you meant for 'tax revers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... '. Please put your query in clear terms. - Reply By Sivakumar Palanisamy - The Reply = First of all thank you very much for taking time to reply for my message Me. Mariappan . I don't understand that how you have assumed that my business will not exceed 20laks. Further more let me make you understand have you ever heard that people register for GST volunteer then why would I apply for i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. I have been told to apply for GST by my auditor and the company who is proving franchise to establish the showroom. Moreover I don't understand you are saying that you are not understanding the about the tax reverse but my auditor told me that there is some procedure to reclaim the tax which we paid to third party vendor. Finally I am confused and I did not learn anything from your reply. Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ou are a experience person I hope and you should have asked different way if you are not understanding my message. Anyway once again thank you for your reply. - Reply By MARIAPPAN GOVINDARAJAN - The Reply = There are some people registering voluntarily with GST. Your auditor is correct. But your version in this site is confusing. Your auditor says about taking input tax credit. In reverse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charge system you have to pay tax on the supply received from the unregistered dealer which is kept abeyance till 31.03.2018. Since your auditor has advised you suitably you may get his further advice on your query. - Reply By Sivakumar Palanisamy - The Reply = Thank you very much sir. You are right I should have stick to my auditor advice. Thanks again sir - Reply By Himansu Sekhar - The Repl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y = First of all I am in agreement with the views of Govindarajan sir. 1. If your turnover is more than 20 lakhs- take regn. 2. If less than 20 lakhs you can take regn voluntarily 3. Pay GST on all supplies on the value of the invoices 4. What ever you purchase, you must have paid GST to your supplier 5. On such GST you can take credit which can be utilised for payment of GST Better take th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e help of Departmental help desk, or your auditor Happy Dewali - Need some clarification on tax revers - Query Started By: - Sivakumar Palanisamy Dated:- 16-10-2017 Goods and Services Tax - GST - Got 5 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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