There is a client who deal in GTA business, he wants to pay tax under forward charges but mistakenly did not file Annexure V for opting Forward charges as result he covered under RCM by default. He buy two trucks and wants to take inputs on the same. How and what I can claim inputs on the same please guide me as soon as possible.
Thanks regards
Mausam Singh
Since he didn’t opt for forward charge, he must comply under RCM.
ITC on trucks cannot be claimed for now.
File Annexure V before 15th March 2026 to opt for forward charge from FY 2026-27.
Then, trucks can be used for providing taxable supplies, and depreciation should be claimed on cost excluding GST.
No ITC can be claimed retrospectively, even if forward charge is opted in the next year.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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