A massive, long-awaited breakthrough that lead recyclers and the battery industry have aggressively petitioned and struggled for is finally a reality. To eliminate ‘fake invoicing’ and the risk of buyers getting their Input Tax Credit (ITC) blocked due to unregulated purchases from unregistered scrap dealers, the GST system has been structurally overhauled. The implementation of reverse charge mechanism (RCM) for unregistered purchases and a mandatory 2% GST TDS for registered transactions will permanently filter out unscrupulous billing circles, allowing everyone to do business without fear. A massive, long-awaited breakthrough that lead recyclers and the battery industry have aggressively petitioned and struggled for is finally a reality. To eliminate ‘fake invoicing’ and the risk of buyers getting their Input Tax Credit (ITC) blocked due to unregulated purchases from unregistered scrap dealers, the GST system has been structurally overhauled. The implementation of reverse charge mechanism (RCM) for unregistered purchases and a mandatory 2% GST TDS for registered transactions will permanently filter out unscrupulous billing circles, allowing everyone to do business without fear.
