Itc on rcm paid on gta services
This query is : Resolved
CA SANDESH MAHIPAL
(Querist)
04 October 2017
Hii
X, a registered proprietor, engaged in business of exempted and taxable goods.
He purchases exempted goods worht 5 Lakh and pays 1 lakh for transportation to gta.
Q1. Whether RCM is to be paid @5% by X?
Q2. Whether ITC of this RCM can be availed and this can be used for other taxable supplies?
Q3. when this rcm is to be paid to govt.?
please suggest.
thanks
CA R SEETHARAMAN
(Expert)
04 October 2017
1 Yes RCM is to be paid on freight at 5%.
2 No ITC can be claimed on it as it is for transport of exempt goods.
3 RCM is to be paid on or before 20th of next month.
2 No ITC can be claimed on it as it is for transport of exempt goods.
3 RCM is to be paid on or before 20th of next month.
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