ITC ON GTA Service

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CA
77 Points Posted on 15 June 2020
Our compamy paid gst under rcm @ 5% in cash, can we claim the itc on that. If yes, can we claim in the same month or following month?
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On 15 June 2020 at 17:18 Report
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Quick Summary
This discussion clarifies whether Input Tax Credit (ITC) can be claimed on GST paid at 5% under the Reverse Charge Mechanism (RCM) for Goods Transport Agency (GTA) services. The consensus is that ITC is claimable. It is advisable to claim this credit in the month following the payment rather than the same month.

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Designation
771 Points Posted on 15 June 2020
Yes.. you can avail.. advisable to claim in next month
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On 15 June 2020 at 18:13
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Student
23693 Points Posted on 15 June 2020
Yes you can claim ITC on RCM @ 5% on GTA Services.
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On 15 June 2020 at 19:49
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4215 Points Posted on 15 June 2020
Yes I can claim ITC
1 Reply
On 15 June 2020 at 20:55
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139 Points Posted on 15 June 2020
Yes you can claim the ITC.... and it is better to take claim in next month...
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On 15 June 2020 at 22:36
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CA
77 Points Posted on 15 June 2020
Thank you all
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On 15 June 2020 at 22:37
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Student
23693 Points Posted on 17 June 2020
Your most Welcome...
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On 17 June 2020 at 17:56

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