RAMAKRISHNA Maganti 31 July 2021
CA Altamush Zafar (GST Consultant) 31 July 2021
ramakrishna (MANAGER, ACCOUNTS) 31 July 2021
one reply is "yes "and another is "no". Request for more comments on this issue.
CA Akshay Hiregange (Partner - Audit & Assistance) 02 August 2021
Condition for 12% with ITC - Provided that GTA opting to pay central tax @ 6% under this entry shall, thenceforth, be liable to pay central tax @ 6% on all the services of GTA supplied by it.[NN 20/2017-CTR dated 22nd Aug 2017]
There is no mention of beginning of financial year. Therefore, once you charge 12% you would be required to charge 12% going forward and eligible on ITC.
Please refer section 18(1)(d) on taking credit on stock in hand and CG as on date of shifting to 12% with ITC.
Hope this helps
ramakrishna (MANAGER, ACCOUNTS) 02 August 2021
Thank you very much for your clarification.