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Jul 16, 2022 · Important Amendment for Goods Transport Agency ( GTA) under Reverse charge Mechanism( RCM) & Forward Charge. As per recommendation of 47 th GST Council Meeting, Govt. has issued various notifications on 13/07/2022. As per the new Notifications certain Options has been provided to Goods Transport Agencies (GTA) to charge GST under Forward charge and there are certain changes in Reverse charge Mechanism( RCM) U/s 9(3) of CGST Act 2017.. The summary of changes is as follows
Jan 29, 2019 · EXEMPTION LIST – GST ON FREIGHT CHARGES . ... Exemption from payment of under GST UNDER RCM Rs 5000 or Rs 70500.00 for single transaction. Please take care and confirm. Regards Chaturvedi Nacre Industries Kolkata. Reply. September 19, 2019 at 11:56 am RUCHI says: very informative and self explainatory. Reply. July 26, 2019 at 1:41 pm Vivek Sharma says: Dear sir
Jul 17, 2019 · A Quick Understanding on Reverse Charge Mechanism (RCM) on Goods Transport Agency (GTA) Services. It has been more than a couple of years since GST was launched on 1 st July 2017 but the organisations are yet to get settled down and adopt it with full clarity. Since the time GST was rolled out, there have been numerous amendments and also there is a fair amount of lack of clarity in the interpretation of some of the provision of the Act; the provision related Reverse Charge Mechanism (RCM ...
May 24, 2024 · Transporting goods (GST paid by GTA)*. 5% No ITC or 12% with ITC. Transporting goods of 7 specified recipients*. Irrespective of GTA choosing 12% (with ITC) and 5% (without ITC), if the GTA opts for paying tax on forward charge by giving a yearly declaration ^, then it appears in the tax invoice.
May 22, 2024 · Reverse charge is a mechanism where the recipient of the goods or services is liable to pay Goods and Services Tax (GST) instead of the supplier. Latest updates. 50th GST Council meeting In the 50th GST Council meeting held on 11th July 2023, the following decisions were taken with regard to the reverse-charge mechanism under GST*- 1.
Jul 23, 2022 · 16814 total views. No exemptions of RCM on GTA where freight is ₹1500 or ₹750. Now Reverse Charge on GTA services will be applicable from ₹1. GST Rate Change Notification issued on 13-07-2022 to give effect to recommendations made at the 47th GST Council Meeting. As a result of this, there will be Change in the GST Rate effective from 18 ...
GST rate on freight charges, as indicated above, are – (1) 5% (without input tax credit), (2) 12% (with input tax credit). There are, however, exemptions on certain goods where there is no GST rate on freight. The exemption list is indicated below –. 1. Transporting salt, milk and food grains which include pulses, flour, rice etc. 2.
Jul 18, 2023 · The total freight payable for this transportation service is Rs.1,400. Here the GST will be exempted as freight for this single carriage is less than Rs.1,500/-. 2. Single Consignee < Rs.750. In this case there are more than one packages in the truck to be delivered to more than one consignee.
Oct 16, 2017 · RCM for freight charges discontinued till March 2018 or we had to pay Can we get ITC for freight charges RCM paid for August in September pl clarify thanks - GST RCM Ad-Free CAclubindia and Daily Updates on your mobile.
Jan 17, 2023 · There are two types of GST that apply to everyone. The first is a Forward Charge Mechanism (FCM) or Normal Charge Mechanism in which supplier of goods and supplier of services is responsible for paying tax, and the second is Reverse Charge Mechanism (RCM) in which recipient is accountable for payment of tax.. Section 9 of CGST Act, 2017: Levy and Collection includes two major sec of Reverse Charge Mechanism which is Sec 9(3) of CGST Act, 2017 and Sec 9(4) of CGST Act, 2017.. According to ...
