Transport Transaction
This query is : Resolved
07 February 2020
Respected Sir,
On 25-01-20 transporter has given me a bill on account of freight as upon which no ITC was added. In our books of accounts we will debit freight charges and will credit to transport company. People say ITC @ 5% shall have to be paid in cash on account of the billed amount. What kind of entry shall be passed in our books of accounts on account of the paid ITC. Please guide me and oblige. The entry will be the part profit & loss account or will be the part of balance sheet. tks & rgds
On 25-01-20 transporter has given me a bill on account of freight as upon which no ITC was added. In our books of accounts we will debit freight charges and will credit to transport company. People say ITC @ 5% shall have to be paid in cash on account of the billed amount. What kind of entry shall be passed in our books of accounts on account of the paid ITC. Please guide me and oblige. The entry will be the part profit & loss account or will be the part of balance sheet. tks & rgds
07 February 2020
If your transporter is GTA,( He has issued consignment note ) you need to pay GST on RCM @ 5% without ITC
GST paid for which input tax credit is not allowed, should be booked as the expense and thus reducing the profit.
GST paid for which input tax credit is not allowed, should be booked as the expense and thus reducing the profit.
07 February 2020
RESPECTED ANITA JI
RGDS & THANKS TO YOU
GTA MEANS WHAT ?
RGDS & THANKS TO YOU
GTA MEANS WHAT ?
07 February 2020
Goods Transport Agency
“Goods Transport Agency” means any person who provides service in relation to transport of goods by road and issues consignment note,
“Goods Transport Agency” means any person who provides service in relation to transport of goods by road and issues consignment note,
07 February 2020
THANKS FOR YR GUIDELINE
08 February 2020
Anita Madam
Rgds to you
Here consignment note means L/R or T/R or R/R
Lorry Receipt
Truck Receipt
Railway Receipt
Am I right ?
tks & rgds
Rgds to you
Here consignment note means L/R or T/R or R/R
Lorry Receipt
Truck Receipt
Railway Receipt
Am I right ?
tks & rgds
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