ITC for a Goods Transport Agency

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26 Points Posted on 06 April 2019

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.

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On 06 April 2019 at 17:49 Report
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account -GST
1181 Points Posted on 06 April 2019
no u cannot adjust previous year ITC in current year because Ur last year output service was exampted.
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On 06 April 2019 at 19:15
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GST Practitioner
29904 Points Posted on 06 April 2019
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 ????
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On 06 April 2019 at 22:46
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Bhopal
1095 Points Posted on 06 April 2019
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??
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On 06 April 2019 at 23:29
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GST Practitioner
29904 Points Posted on 06 April 2019
yes .... correct
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On 06 April 2019 at 23:38
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264 Points Posted on 07 April 2019
When 5% cannot claim itc
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On 07 April 2019 at 12:42
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26 Points Posted on 08 April 2019

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

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On 08 April 2019 at 16:50
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264 Points Posted on 08 April 2019
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
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On 08 April 2019 at 16:59
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26 Points Posted on 08 April 2019

can you please elaborate rule 43

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On 08 April 2019 at 17:03
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264 Points Posted on 08 April 2019
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
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On 08 April 2019 at 19:08
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GST Practitioner
29904 Points Posted on 14 April 2019

ITS RULE 42 NOT 43

 

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On 14 April 2019 at 12:24
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264 Points Posted on 14 April 2019
But truck is a capital good and not input
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On 14 April 2019 at 18:13
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GST Practitioner
29904 Points Posted on 27 April 2019
That's why it's rule 43
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On 27 April 2019 at 12:14

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