GTA PAID – ITC AVILABLE REG
Query (Issue) Started By: – venkat eswaran Dated:- 23-6-2017 Last Reply Date:- 12-7-2017 Goods and Services Tax – GST
Got 3 Replies
GST
Dear all,
\nWe 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?
\nIf GTA paid by transporter itself and sending the bill can we able to take credit this and adjust against GST payable?
\nThanks in advance
\nVenkat
\nReply By KASTURI SETHI:
\nThe Reply:
\nIn my view, ITC is not admissible in both ways.
\nReply By Kusalava InternationalLimited:
\nThe Reply:
\nDear Mr. Venkat,
\nAs per Sl. No. 3 of "Schedule of GST Rates for Services as approved by GST Council", the rate of GST w.<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n by reverse charge assessee. In other words, the entire amount is payable 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GTA PAID – ITC AVILABLE REG Query (Issue) Started By: – venkat eswaran Dated:- 23-6-2017 Last Reply Date:- 12-7-2017 Goods and Services Tax – GSTGot 3 RepliesGSTDear 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 … Continue reading “GTA PAID – ITC AVILABLE –REG”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3916","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3916"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3916\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nFurther, 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.
\nFor your benefit, the provisions under erstwhile service tax prior to 1.6.<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n