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GST update – Customer Accounting for Prescribed Goods
2. supply is not an exception.
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2. The customer will account for the output tax as if he were the seller
3. If the purchase is made for taxable activity, the customer claims GST in full
4. Impact: There is no flow of GST from customer to supplier.
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In-House Off-the-shelf software For GST update
FAQ For Customer Accounting For Prescribed Goods
How do you record GST in accounting on NetworkBD?
Can a non-GST registered company issue a tax invoice?
What is the prescribed product?
What happens if a supplier is not registered for GST?
If the supplier is not registered for GST, they will not be able to charge GST – and therefore you will not be able to claim GST, since none has been charged. You cannot issue invoices – suppliers must.