Hi, Can anyone explain about GTA calculations & whether ST paid on carriage Inward can be taken as INPUT? If so, when & how??
CA Shashikumar PN (Consultant - Taxation) (264 Points)
27 January 2012Hi, Can anyone explain about GTA calculations & whether ST paid on carriage Inward can be taken as INPUT? If so, when & how??
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 27 January 2012
Inward transportation is eligible for cenvat credit if it related dutiable activities or taxable services. Payer of freight is liable to tax on 25% of the freight amount.
CA Shashikumar PN
(Consultant - Taxation)
(264 Points)
Replied 27 January 2012
when the company will avail this credit. means on subsequent payment of Service tax on GTA or in ST-3.?
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 27 January 2012
Credit can be utilised for payment of excise duty or service tax . ST on GTA can also be paid through this credit. This is per Aravind FAshions case , Karnataka HC.
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 27 January 2012
As per the amended Cenvat Rules, the credit is available on receipt of a bill as far as the taxable services are provided by the service provider. [ payment for the services are tobe made within time limits]
In this case since you are paying the service tax on reverse charge basis- and there is no document reference, your payment maybe the only option available for availment.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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