GST Registration_RCM TO Forward Charge
This query is : Resolved
30 December 2022
Hello Expert,
One of our vendor is in Transport industry, he taken registration in the month of October-2022 & issuing invoices in RCM category. Now he is in planning to purchase new vehicle & want to claim ITC on this vehicle & issue invoices in Forward Charge. What compliance need to maintain in this case. When he can start Forward Charge invoice & what % of tax applicable ??
Please share any provision or base under law.
One of our vendor is in Transport industry, he taken registration in the month of October-2022 & issuing invoices in RCM category. Now he is in planning to purchase new vehicle & want to claim ITC on this vehicle & issue invoices in Forward Charge. What compliance need to maintain in this case. When he can start Forward Charge invoice & what % of tax applicable ??
Please share any provision or base under law.
30 December 2022
The option once chosen would be valid for a financial year and a GTA cannot shift to a different option in a same financial year i.e., a GTA can either opt for paying taxes under forward charge mechanism (under either rate) or under reverse charge and not both for same financial year.
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31 December 2022
CA R Seetharaman Sir, Agree with your reply, but suppose he is buying new vehicle in this FY i.e. 22-23 till March 22, can he eligible to avail ITC ???
31 December 2022
No, he is not eligible to avail ITC.
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