my client is a partnership firm & engage in GTA means received freight for goods transport.firm has own trucks.& bill to pvt ltd company.both parties are registered.I want to know :
1.who will pay Tax
2.what is tax rate
Menu
G.T.A. Querry
Replies (5)
It comes under RCM basis.
Tax is to be paid by recipient.
5% with no ITC or 12% with ITC based on conditions
Tax is to be paid by recipient.
5% with no ITC or 12% with ITC based on conditions
If firm is registered under GST as you said in that case firm have an option either to charge tax @ 5% without ITC or 12% with ITC. Else they also have an option to not charge tax in that case company needs to pay tax under RCM @ 5% and can claim ITC.
However, the GTA has to opt at the beginning of financial year. *As per Notification No. 20/2017-Central Tax (Rate) 22nd August, 2017
However, the GTA has to opt at the beginning of financial year. *As per Notification No. 20/2017-Central Tax (Rate) 22nd August, 2017
Agree with Sourav ji
Agree with Abhay ji
Depends on what option you have chosen. If rcm then 5% will be paid by your client and you will not be eligible for any itc.
if forward charge then 12% will be paid by you. you will also be eligible for itc.
once opted under forward charge then cannot switch to rcm route.
For further query you can mail me
if forward charge then 12% will be paid by you. you will also be eligible for itc.
once opted under forward charge then cannot switch to rcm route.
For further query you can mail me
Recent Threads
- Change HSN
- TDS ISSUE ( DIFFERENT SECTION )
- Company strike off with loan waiver accounting iss
- Board resolution for authorization for GST
- Invoice related audit
- Gst input credit related
- Updated ITR as missed the dead line
- Change if place of business l
- Purchase from unregistered dealer garments busines
- TDS DEDUCTED BUT NOT PAID BY EMPLOYER
Related Threads
CAclubindia
