RCM-GTA-5% - ITC ELIGIBILITY

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..... RCM-GTA-5% - ITC ELIGIBILITY
Query (Issue) Started By: - Govinda Raju Dated:- 25-9-2024 Last Reply Date:- 26-10-2024 Goods and Services Tax - GST
Got 6 Replies
GST
Hi, Can we have clarification as to RCM paid at 5% on GTA is eligible ITC or ineligible ITC. on the other hand if GTA entity pays GST at 5% and appearing in GSTR-2B - are we eligible for ITC credit. Reply By KASTURI SETH .....

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..... I: The Reply: Sh.Govinda Raju Ji, W.e.f. 18.7.22, the option to pay GST @ 5% without ITC under forward charge mechanism by GTA was introduced. Prior to 18.7.22, the only option was to pay GST @ 12 % with ITC by GTA under FCM. For more details see Issue ID 117765 dated 22.1.22 which was raised by you. Reply By Sadanand Bulbule: The Reply: Dear Sir It appears the dark clouds surrounding this i .....

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..... ssue are not yet dispersed, despite thoughtful clarification. Reply By KASTURI SETHI: The Reply: Sh.Sadanand Bulbule Ji, Sir, If the dark clouds still persist, then the querist may apply to the jurisdictional AAR for further clarification on a specific problem/issue. Reply By Sadanand Bulbule: The Reply: Dear Sir AAR is an expensive and time consuming process and the final product is the sam .....

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..... e. Reply By Shilpi Jain: The Reply: For you to take credit or be eligible to take credit, it does not matter the rate of tax that you pay for your expenses. Hence, if you are providing taxable supplies you would be eligible to take ITC. Reply By Tarun Agarwalla: The Reply: in both cases you are eligible I endorsed the view of Silpi Jain Madam.
Discussion Forum - Knowledge Sharing .....

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