RCM in transport

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1244 Points Posted on 20 August 2020
how much rcm in transportation will be paid and ITC set-off taken.pls gaid me
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On 20 August 2020 at 18:14 Report
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This discussion clarifies the Reverse Charge Mechanism (RCM) for Goods Transport Agency (GTA) services within the transportation sector. It explains that GTA services attract RCM at 5% under Section 9(3). You can claim this amount as input tax credit (ITC). If GTA avails credit, the tax is 12%; if no credit is availed, the tax is 5%.

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124 Points Posted on 20 August 2020
GTA services attracts RCM under section 9 (3) @ of 5 %. And u can avail the same amount credit.
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On 20 August 2020 at 23:37
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405 Points Posted on 24 August 2020
If gta is availing credit then pay tax at 12% if no credit is availed pay tax @ 5%
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On 24 August 2020 at 00:30

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