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GTA charges gst @5% to co.
if gta charges gst @ ,5% to co.(gst registered person) then whether co. again have to pay on rcm @ 5% if yes then at what amt ?
Replies (5)
Yes , GTA charge 5% the Recepient is liable to do RCM ,. RCM has to be done @ 5%
Note : If GTA charged 12% then Recepient can take ITC for the same & no need to do RCM
Note : If GTA charged 12% then Recepient can take ITC for the same & no need to do RCM
Procedure Pls, because we have been taking Input as regular Input services for the GTA charged 5% Tax without doing RCM.
Regards
Suppose GTA issue bill for 100/- (inclusive GST 5%), you have to do RCM on RS.100/- & voucher for the same will be pass as below:
RCM Input-Receivable A/C .5/-.Dr.
To RCM payble ...A/C ..5/- Cr.
when RCM is Deposit:
RCM payable A/C ..5/-.Dr
To Bank A/c ..........5/-Cr.
Show the RCM payable In 3b , under table 3.1 , row D & Show RCM Input Receivable under Table 4 z row A(4)
ok then can we take credit of tax included in 100 that we paid to GTA? along with rcm credit
No you cannot ......
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