WebAug 23, 2024 · Transporting goods (GST paid by GTA) 5% No ITC or 12% with ITC. Hiring out the vehicle to a GTA. 0%. Issues: GST On transportation charges in invoice. ... Pay tax @ 12% with full input tax credit; e) Treatment when GST Transport Charges is added in the invoice by the supplier of goods or Services: GST will be calculated on the total taxable ... WebDec 28, 2024 · In such cases, where a registered GTA is liable to pay tax @ 5% on transportation service, 2 options have been given to the GTA: Pay tax @ 5% with no input tax credit. Pay tax @ 12% with full input tax credit. A registered GTA has to make this choice at the beginning of the financial year.
ITC on Railway freight and Railway Tank Wagons under GST
WebFeb 27, 2024 · If the goods transport agency choose to pay central tax at 6% the applied cumulative GST will be 12% in this criteria and the paid central tax for all the services supplied by GTA will be 6%. furthermore, … WebSep 3, 2024 · It must be noted that the aforesaid entries lay down respective conditions for charging different rates (whether 5% or 12%) on basis of admissibility of ITC by service provider i.e. the Goods Transport Agency(GTA).. However, as this service is also taxed under RCM basis, such aforesaid provision leads to lack of clarity for the rate applicable … pink maya christina aguilera moulin rouge
Goods Transport Agency under GST & GST on Transportation - Tally
WebAug 11, 2024 · Map configuration tax types to ERP tax types (GST) Go to Tax > Setup > Tax configuration > Tax setup. Select a company. Select Setup. Select the GST node. … WebMar 4, 2024 · So as a result of Input attracting GST rate of 18% and output attracting rate of 5% there was inverted rate structure and the need for claiming refund arisen. In order to address this issue of ITC accumulation / refund of ITC the rate on output goods (such as Parts of railway or tramway locomotives, wagons, coaches, etc) has been increased from ... WebJul 18, 2024 · Then GTA will pay GST @ 12% under FCM and avail of the input tax credit. Option 4 – If GTA opts to pay GST under FCM and at 5% only. Then GTA will pay GST @ 5% under FCM without availing the … steel hand washing stone