Dear sir,
Please guide rate of rcm either 5% or 12% on transportation service taken from GTA and other small transporters.
Menu
RCM applicability
Replies (4)
GTA RCM u/s 9(3) @ 5%
whether itc is applicable ? for 5%
GTA cannot take ITC in such case. But the recipient of service, who is paying RCM tax, can take input of the same.
If service is taken from a GTA who have not opted to pay GST under FORWARD CHARGE, then the Registered Recipient needs to pay GST under REVERSE CHARGE @ 5% and take Input Tax Credit ( ITC ) thereon. The GTA will not be able to claim any ITC. The GTA will issue a Payment Voucher and you will need to make a Self Invoice.
However if the GTA is Registered, then the GTA needs to collect GST @ 12% from the recipient and deposit it with the Government and the benefit of ITC is also allowed.
Warm Regards.
However if the GTA is Registered, then the GTA needs to collect GST @ 12% from the recipient and deposit it with the Government and the benefit of ITC is also allowed.
Warm Regards.
Recent Threads
- Need advise with HRA claim
- Schedule AL limit for FY 2024-25
- Can a person use ITR 1 when she has CG of Rs.250/
- Choice of itr form
- DTAA with US - Interest & Dividend
- Last Year ITR Not Filed and Hence NO TDS was claim
- Does ITR2 take much longer for processing
- New GST Reforms 2025 Announced by PM Modi –
- Share capital Amount
- Fund claimed as nominee of deceased Parent
Related Threads
CAclubindia
