RCM in GTA
CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
23 July 2017CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
23 July 2017
rohit.k.biswakarma@gmail.com
(6 Points)
Replied 23 July 2017
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 24 July 2017
ITC is available....
Many people are confused because in the rate list, it is written as 5% w/o ITC. But it is for the service provider that he should not have taken the ITC....
For RCM it is definitly 5% RCM with ITC...
alok ranjan
(open )
(114 Points)
Replied 24 July 2017
If available then why in GST Rate chart of RCM why is it mentioned that No Input tax credit is allowed. What are the basis that Input tax credit allowed on GTA.
SCHEDULE OF GST RATES FOR SERVICES AS APPROVED BY GST COUNCIL
Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use]
Ans: 5% with No ITC
Pls crarify this matter if Itc available on GTA.
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 24 July 2017
Explanation as given in NN-11/2017 - CT(Rate)
(iv) Wherever a rate has been prescribed in this notification subject to the condition that credit of input tax charged on goods or services used in supplying the service has not been taken, it shall mean that,-
(a) credit of input tax charged on goods or services used exclusively in supplying such service has not been taken; and
(b) credit of input tax charged on goods or services used partly for supplying such service and partly for effecting other supplies eligible for input tax credits, is reversed as if supply of such service is an exempt supply and attracts provisions of sub-section (2) of section 17 of the Central Goods and Services Tax Act, 2017 and the rules made
Kaushik Deepak (KD)
(Officer Accountant)
(1136 Points)
Replied 24 July 2017
NO,
AS PER NOTIFICATION 11/2017
Services of goods transport agency (GTA) in relation to transportation of goods (including used household goods for personal
pdgoenka
(Dy Mgr)
(123 Points)
Replied 24 July 2017
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 24 July 2017
Originally posted by : pdgoenka | ||
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Please go through extract of CGST Act Sec 17(5) for better understanding --- (5) Notwithstanding anything contained in sub-section (1) of section 16 and sub-section (1) of section 18, input tax credit shall not be available in respect of the following,namely:— (a) motor vehicles and other conveyances except when they are used–– (i) for making the following taxable supplies, namely:— (A) further supply of such vehicles or conveyances ; or (B) transportation of passengers; or (C) imparting training on driving, flying, navigating such vehicles or conveyances; (ii) for transportation of goods; |
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This is not better understanding... This is more confusing...
Praneet Kumar
(Service (Finance & Account)
(24 Points)
Replied 26 July 2017
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