GTA PAID – ITC AVILABLE -REG – Goods and Services Tax – Started By: – venkat eswaran – Dated:- 23-6-2017 Last Replied Date:- 12-7-2017 – Dear all,We are service receiver and if we pay GTA 5% under GST Reverse charge mechanism , can we able to take credit this and adjust against GST payable?If GTA paid by transporter itself and sending the bill can we able to take credit this and adjust against GST payable?Thanks in advanceVenkat – Reply By KASTURI SETHI – The Reply = In my view, ITC is not admissible in both ways. – Reply By Kusalava InternationalLimited – The Reply = Dear Mr. Venkat,As per Sl. No. 3 of Schedule of GST Rates for Services as approved by GST Council , the rate of GST w.e.f. 01.07.2017 is 5% on GTA Services with no Input Tax C
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ayable by cash deposit account only. Further, the actual service provider is not entitled to any input tax credit. To be on the safer side you may take a declaration from the GTA service provider to the effect that No input tax credit availed by him on inputs, capital goods and input services by him while providing the service of GTA . This is enough. Further, under Input Tax Credit Rules, No specific exclusion for GTA service on which tax is paid under reverse charge as ineligible item for credit. When no such exclusion, you are eligible to take credit of the 5% tax after payment by cash. For your benefit, the provisions under erstwhile service tax prior to 1.6.2017 and current provision under GST is tabled here and you can see there is no
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =