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GTA charges gst @5% to co.

435 views 5 replies

Nikita Jadhav

ca student

96 Points Joined July 2016

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)

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

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

Sridevi

Accountant

380 Points Joined January 2013

Procedure Pls, because we have been taking Input as regular Input services for the GTA charged 5% Tax without doing RCM.

Regards

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

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)