Nishant (Mgr in Accounts) 22 September 2020
With reference to the assessment of GST for FY 2017-18, the assessing officer is asking to pay 18% GST under RCM along with the interest on transport charges paid. (The said amount is borne by us and not charged to the client) Please confirm if it is 5% or any other rate at which it is payable.
If we pay 5% or so, can we claim it as GST credit?
Secondly, if we pay the RCM for the FY 2017-18 now, shall I get the credit of the same now or I need to write it off.
Shweta Gupta (Assistant Manager) 22 September 2020
RCM on GTA services is taxable at the rate of 5 percent and no you can not claim ITC because time period for availing ITC for FY 2017-18 was due date of GSTR-3B of September 18.