CA Loan Bajaj Finserv
CA Final Online Classes
CA Loan Bajaj Finserv

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

ITC for a Goods Transport Agency


vikas saboo   06 April 2019

vikas saboo

 6 points

| My Other Post

If a GTA is registered under RCM (5%) till 31.03.2019, his ITC ledger has a substantial amount of credit, now can he change to Forward Charge (12%) from 01.04.2019 and can he adjust ITC credit in ledger showing up to 31.03.2019 from this year's forward charge.

Please advice.

Anshuman Basu

Anshuman Basu (account -GST)     06 April 2019

Anshuman Basu
account -GST 
 46 likes  1402 points

View Profile | My Other Post
no u cannot adjust previous year ITC in current year because Ur last year output service was exampted.
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     06 April 2019

Pankaj Rawat
GST Practitioner 
 3674 likes  49865 points

View Profile | My Other Post
Can you clarify the , when your services were under RCM , & u are not liable to claim ITC (as per Notification 13{2017 Ct(r)) how credit ledger showing balance ????
shailendra shukla

shailendra shukla (Bhopal)     06 April 2019

shailendra shukla
Bhopal 
 109 likes  1729 points

View Profile | My Other Post
vhi na sir like if opted for 5% Than cannot claim input tax.........and if can't claim how can have balance of the same??
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     06 April 2019

Pankaj Rawat
GST Practitioner 
 3674 likes  49865 points

View Profile | My Other Post
yes .... correct
Harshit Baheti

Harshit Baheti   07 April 2019

Harshit Baheti

 17 likes  344 points

View Profile | My Other Post
When 5% cannot claim itc
vikas saboo

vikas saboo   08 April 2019

vikas saboo

 6 points

View Profile | My Other Post

services were under RCM from 01.04.2018 to 31.03.2019, ITC credit is of Trucks purchased during the year.

Harshit Baheti

Harshit Baheti   08 April 2019

Harshit Baheti

 17 likes  344 points

View Profile | My Other Post
If truck purchase during the year and gta paying tax @ 12% then credit of truck allowed in current year and if in c/y paid at 5% for anytime then in that month rule 43 would apply
vikas saboo

vikas saboo   08 April 2019

vikas saboo

 6 points

View Profile | My Other Post

can you please elaborate rule 43

Harshit Baheti

Harshit Baheti   08 April 2019

Harshit Baheti

 17 likes  344 points

View Profile | My Other Post
Man I can but it is like very big And you wont understand like this It is basically u have to reverse your credit taken for exempt turnover out of total tirnover for a particular month and pay the reversal as output tax

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Related Threads


Loading


Trending Tags