Dear Sir,
I want to start transportaion partnership firm.in this service I have to collect goods from the port and deliver it to importer or i deliver goods of exporter at the port.in that case, Howmuch tax rate is applicable?Do i use reverse charge scheme? can i get the Input tax credit?in the beginning stage how to balance bussiness to recover tax amount and get good profit?
GTA are covered under reverse charge mechanism and you will fetch tax tax at the rate of 5% but this tax is 100% payable by service receiver not by the service provider.So, you will be covered under reverse charde mechanism .you can not avail any input credit as you are not obliged to pay tax under RCM
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CAclubindia
