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Mayuri Thakker   10 June 2020

Conversion from reverse charge to forward charge

A registered person providing services under reverse charge mechanism as a transporter @ 5% wishes to convert it's supplies to forward charge liable for gst @ 12%..
Is there any procedure to be followed for the same? whether yes then what is it?


 6 Replies

Sushil

Sushil (Accountant)     10 June 2020

No procedure required.
but have to make changes in Invoice.
must mentioned Supply as Forward charge( FCM), charge 12%
1 Like
KRISSHNAN KP

KRISSHNAN KP   10 June 2020

The dealer must be maintain records for the same
1 Like
NC MOHANRAJ

NC MOHANRAJ (GENERAL MANAGER)     10 June 2020

Please note that once transporter opts for RCM method of raising tax invoice in the beginning of the year and difficult to change the option to forward charge tax invoice basis in the middle Of the year.
2 Like
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     10 June 2020

As such there is no any procedural compliances, can Excercise the Option to pay GST 12% on FC in the beginning of FY & need to continue with it till end of Fy .
1 Like
Mayuri Thakker

Mayuri Thakker   12 June 2020

If the transporter wishes to convert from 1st July and collect tax @ 12%and claim itc then can it be made possible if all the invoices pertaining to two periods from April to June and from July to rest months are separately recorded?
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     12 June 2020

NO........ ONLY CAN OPT THE SCHEME AT BEGINING OF  FY Y


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