Clarifications on Margin Scheme.
In Notification No. 10/2017-Central Tax (Rate) New Delhi (dated 28th June 2017) Govt. notified Margin Scheme for relief to the dealers deals in Second Hand Goods from cascading effect of Tax. I have some queries regarding Margin Scheme.
1. Input Tax Credit on purchases made by dealer who opts Margin Scheme
2. Input Tax Credit to the buyer who buys goods from a dealer opted Margin Scheme.
3. Type of Document for sale under Margin Scheme Bill of Supply or Tax Invoice.
4. Can a dealer sell or purchase inter state underB Margin Scheme?
5. Can a dealer made Regular Transactions by charging full tax together with transactions under Margin Scheme?
6. Reverse charge on purchase of goods from unregistered dealer inter state or intra state under Margin Scheme.
7. Reverse charges on labour, etc. incurred for refurbishing of goods without changing nature of goods under Margin Scheme.
8. Applicabilty of Eway bill if amount of bill exceeds 50,000 but taxable amount under Margin Scheme does not exceeds 50,000.
9. How to show input & output supplies made under Margin Scheme and tax on supplies in GSTR3B, GSTR1 & GSTR2.
10. Goods or items on which Margin Scheme can not be avail.
11. Any terms or conditions for getting benefit from Margin Scheme.
12. Please describe if i have left anything important to know.