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ITC for GTA 5% under RCM
Shall I take ITC for GTA 5% paid under RCM by service receiver.
Replies (19)
Yes... You can take ITC if You are Service Receiver.
thank you sir can you tell section?
under section 9 (3) you can take....
can you please explain as to how can we claim itc for GTA 5% when it is non refundable
@ Vikas.,
Pls ask clearly (when it is non refundable) what is this meaning?
Pls ask clearly (when it is non refundable) what is this meaning?
If you are GTA charging 5% GST cannot claim ITC on inward supplies. (As per 11/2017 CT (r)
And if charging 12% can claim ITC on inward supplies(Notification 20/2018, CT (r))
And if charging 12% can claim ITC on inward supplies(Notification 20/2018, CT (r))
sir, I am a receiver of GTA service, can I claim itc under 5% RCM or 12% RCM
@ Vikas.,
Yes...
You can claim ITC for the payment of RCM @ 5%.
You don't pay 12% tax, Just pay 5% & claim it...
Yes...
You can claim ITC for the payment of RCM @ 5%.
You don't pay 12% tax, Just pay 5% & claim it...
I am receiving interest on delayed payment from debtors, but the debtors are not charging any gst on it. Am I liable to pay gst for the same. if yes under RCM or normal gst
It's charged by You. So, You charge GST in the Interest and Pay to govt.
for eg. I am receiving Rs. 1000/- as interest, so on which amount is gst chargeable ie. on rs 1000/- or Rs. 1000/- is inclusive of gst. Secondly who will take credit of the gst paid.
If You are charge Rs. 1000 as Interest then Collect GST @ 18% on Rs. 1000 = Rs. 180. You receive Rs. 1180.
And You ll issue invoice or (Debit Note). This is Your one of outward supply...
Your customer can claim ITC in this GST...
Customer is not showing any gst he's just paying me the amount as interest. Then am I liable to pay for the amount.
| Originally posted by : vikas chaudhari | ||
 |
Customer is not showing any gst he's just paying me the amount as interest. Then am I liable to pay for the amount. |  |
Dear.,
Interest charged by you to customer. You will issue Invoice/Debit note for the Interest and Pay to govt as per Your outward supply like sales.
Your customer can take it as ITC...
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