ITC for a Goods Transport Agency

Anshuman Basu (account -GST)     06 April 2019

no u cannot adjust previous year ITC in current year because Ur last year output service was exampted.

Pankaj Rawat (GST Practitioner)     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 ????

shailendra shukla (Bhopal)     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??

Pankaj Rawat (GST Practitioner)     06 April 2019

yes .... correct

Harshit Baheti   07 April 2019

When 5% cannot claim itc

vikas saboo   08 April 2019

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

Harshit Baheti   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

vikas saboo   08 April 2019

can you please elaborate rule 43

Harshit Baheti   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