for fright inward and outward how much rate of percentage is applicable if we are paying
under RCM???
6 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 25 August 2020
If Freight inward/outward Paid to GTA who is not charging GST 12% on bill, Than RCM is applicable in that case @ 5%
If GST already charged by GTA on freight inward/outward @ 12% or service received from other than GTA than No RCM liability.
If GST already charged by GTA on freight inward/outward @ 12% or service received from other than GTA than No RCM liability.
Sudevi Dokania
(22 Points)
Replied 25 August 2020
Suppose I am paying advance freight of 10k, and balance 20k is payable by the purchaser on receiving of such goods to the transporter. Who is responsible to pay RCM and on what amount?
Taha
(T)
(405 Points)
Replied 26 August 2020
@ sudevi as mr sagar ji explained it depends on gta if gta wants to pay tax in forward charge then he will charge 12% and u will get itc but if he charges 5% I.e rcm then u have to pay tax from cash ledger and u will get its itc also further it is a supply of service so advance recieved will be taxable also look 12(3) for time of supply of services under rcm if under forward charge then look 12(2)
Recent Topics
- Interest free loans from directors in private limi
- Section 194T
- Paying GST on Residential House Construction
- Gst credit ledger input
- Income Tax Filing after Portal Deadline
- LTCG u/s 54 -Time Period Related
- Clarification -GST registration
- TDS on commercial bus insurance payment
- Do we need Environmental Clearance certificate for
- GST Rate confussion
Related Threads
CAclubindia
