Reverse charge mechanism on gta
This query is : Resolved
06 January 2015
Dear Sir/ Mam,
Provision says that "GTA will be liable to pay tax only when both service provider and service receiver are individual".
The liability of service receiver under Reverse Charge Mechanism accounted to be
Tax @ 25% on abated value, if GTA does not avail CENVAT credit, otherwise tax on 100%.
How can we know that GTA has availed cenvat credit?
Provision says that "GTA will be liable to pay tax only when both service provider and service receiver are individual".
The liability of service receiver under Reverse Charge Mechanism accounted to be
Tax @ 25% on abated value, if GTA does not avail CENVAT credit, otherwise tax on 100%.
How can we know that GTA has availed cenvat credit?
06 January 2015
For taking the abated value of 25 % , you need to insure that GTA has not taken CENVAT Credit.
You can take a confirmation letter from the GTA on their letter head .
That will be sufficient proof, that substantive procedures were made to insure that there is no non compliance of the provision.
You can take a confirmation letter from the GTA on their letter head .
That will be sufficient proof, that substantive procedures were made to insure that there is no non compliance of the provision.
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