Reverse charges

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629 Points Posted on 04 April 2021
Sir,

We have got service from transporter in Financial year 2020-21. 15 to 20 transporter invoices value in whole year approximately RS.40 Lac's So RCM is eligible or note if yes how much
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On 04 April 2021 at 17:42 Report
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This discussion clarifies the applicability of the Reverse Charge Mechanism (RCM) for Goods Transport Agency (GTA) services during the financial year 2020-21. It confirms that GTA services are generally subject to RCM at a 5% rate, requiring payment in cash. The input tax credit can be claimed if the transporter has not already paid GST under forward charge. It also notes that GTA typically pays 12% GST on a forward charge basis.

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Chartered Accountant
86505 Points Posted on 04 April 2021
Https://cleartax.in/s/goods-transport-agency-under-gst
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On 04 April 2021 at 18:02
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Chartered Accountant
24588 Points Posted on 04 April 2021
GTA is under RCM basis
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On 04 April 2021 at 18:44
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CA
173 Points Posted on 05 April 2021
Yes, GTA service is under RCM list, there for it is eligible for the payment under RCM @ 5% and you can claim the same as input credit.
RCM need to be paid in cash only.
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On 05 April 2021 at 09:16
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309 Points Posted on 05 April 2021
Yes, unless the gst has been paid by transporter on reverse charge, the same needs to be paid by way of RCM
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On 05 April 2021 at 13:13
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Student CA IPC / IPCC
28 Points Posted on 12 April 2021
If GTA is pay GST @ 5℅ to Govt. then who is eligible to take credit
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On 12 April 2021 at 14:52
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Chartered Accountant
86505 Points Posted on 18 April 2021

GTA has to pay 12% on forward charge basis not 5%

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On 18 April 2021 at 12:36

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