GST INPUT ON GTA BILL WITH 5% INVOICE

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..... XYZ Private Limited, a registered person under GST, received Tax Invoice from GTA with 5% tax. Whether XYZ P Ltd, is liable to pay RCM on its own or pay it to GTA as per his invoice and take Input credit. Whether XYX P Ltd is eligible to take ITC on transaction where RCM is applicable. Please reply. - Reply By Sadanand Bulbule - The Reply = Dear querist An option to pay tax under FCM is given to t .....

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..... he GTA. Rate of tax is 5% without ITC or 12% with ITC. In your case, XYZ P Ltd need not pay tax again under RCM since it is already charged by the GTA in his tax invoice under FCM. As regards to second situation, it can pay tax under RCM and take ITC. - Reply By Ganeshan Kalyani - The Reply = Yes, the GTA has an option to opt for forward charge wherein he will charge GST on his invoice. In such ca .....

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..... se, the recipient is not liable to pay GST under reverse charge. The recipient can claim ITC basis the invoice from GTA. - Reply By Shilpi Jain - The Reply = GTA is required to give a declaration to the department in prescribed form in case he wishes to opt to pay under FCM. If that is done the GTA will pay GST and recipient need not pay. ITC would be eligible provided other conditions in the law .....

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..... are satisfied. - Reply By KASTURI SETHI - The Reply = ITC is admissible in this scenario. I concur with the views of the experts. - GST INPUT ON GTA BILL WITH 5% INVOICE - Query Started By: - X Y Dated:- 3-12-2024 Last Replied Date:- 4-12-2024 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management Indi .....

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..... a - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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