Big relief for businesses under GST, notification 08/2017
*GST Important Update*
As per notification 08/2017 Central Tax, a registered person in exempt from payment of tax under reverse charge sec 9 (4) if the aggregate value of Receipt of goods or services from all such unregistered person does not exceed Rs. 5000 per day.
And it’s a Major relief announced for Reverse Charge Mechanism
Government has decided that a per day exemption of Rs. 5000/: per day will be given in case of inward supply from Unregistered suppliers.
For supplies above this a single monthly bill can be raised.
This is a big relief to registered tax payers as this exemption will reduce a lot of compliance burden.