Goods and Services Tax – Started By: – Gurleen Rajpal – Dated:- 28-11-2017 Last Replied Date:- 30-11-2017 – Hello everyone, I am new to this forum, I would like to get some clarity on The GST regime.We are Rent a cab services, can we bill under the 5% composite plan and the 12% for input tax credits, all our vendor and clients are expecting different GST ones and we have purchased new vehicles and plan to purchase one more soon so we are not aware how to bill! Also are we expecting one tax slab even in this industry! Please help! – Reply By Ramaswamy S – The Reply = Suggest not to opt for composite scheme. Please pay the regular tax and take the credit of the tax paid on the vehicles purchased.RegardsS.Ramaswamy – Reply By ANITA BHADRA – T
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pt for 12% GST. Reason being is that Input Tax Credit is not available to Industry as is specified in negative List except where the use of Cab is statutorily required under the Act. Both the Options are available and ITC is available to you on proportionate basis on the basis of Turnover. You have to take Business Call considering Cost benefit analysis / Market share. – Reply By Ganeshan Kalyani – The Reply = I agree with the views of the experts. – Reply By Ganeshan Kalyani – The Reply = Sir if you opt for 12% then input tax credit on all inputs purchased in course or furtherance of business is eligible except few ineligible credits. And if you opt to pay tax @ 5% then input tax credit is not eligible because the tax you are paying in low
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