Is GST compulsory for transporter?
A transporter must obtain a GST registration based on their aggregate turnover exceeding INR 20 lakhs or INR 10 lakhs for a unique category in a financial year. GTA has to pay 12% GST on all the GTA services for the financial year provided by them.16-Mar-2021
As per Notification No. 13/2017- Central Tax dated 28/06/2017 the person who pays or is liable to pay freight for the transportation of goods by road in goods carriage, located in the taxable territory shall be treated as the receiver of service.22-Jul-2022
Is RCM applicable on transport?
Chartered accountant Vikas Goyal said: “The reverse charge mechanism (RCM) on freight is now applicable from even a single rupee, as the exemption of Rs 750 has been abolished from today and, therefore, all consignments for freight worth below Rs 750 and up to Rs 1,500 for single carriage will also be taxable on a par 19-Jul-2022
5,000 is made in one day from unregistered person then there is no requirement to pay tax on RCM. This limit is total of Rs. 5,000 from all suppliers and not per supplier. Notification No.
Who pay GST for transportation?
GST @ 6% CGST (12% cumulative) is subject to the condition that the goods transport agency opting to pay central tax @ 6% under this entry shall, thenceforth, be liable to pay central tax @ 6% on all the services of GTA supplied by it.
Transport services by road
Is GST applicable on courier charges?
Courier services classified under SAC Code 996812 will be taxable at 18% GST.
How To Add Transport Charges in GST Invoice TallyPrime
How much is GST on a truck?
28% GST on cars and other vehicles is applicable in the following cases: Motor vehicles (petrol or diesel) for the transport of people including racing cars and station wagons irrespective of size*.26-Apr-2021
Registration Rules Under RCM Section 24 of the CGST Act, 2017 states that a person liable to pay GST under the reverse charge mechanism have to compulsorily register under GST. The threshold limits of Rs. 20 lakh or Rs. 40 lakh, as the case may be, will not apply to them.22-Jul-2022
Is RCM mandatory?
Registration Requirement under Reverse Charge Mechanism (RCM): As per Section 24 of CGST Act 2017, A person paying tax under the reverse charge mechanism has to compulsorily get registered even if the turnover is below the threshold limit.27-Jul-2022
Registration: A person who is required to pay tax under reverse charge has to compulsorily register under GST and the threshold limit of Rs. 20 lakh (Rs. 10 lakh for special category states except J & K) is not applicable to them.
What if RCM is not paid?
The person cannot take the plea that there is no revenue loss if he had not paid the RCM liability because if he pays RCM liability then the same time, he will avail input tax credit.31-Aug-2020
Transport of goods and passengers by rail will attract 5% tax under GST.22-Jun-2021
How is GST calculated on courier services?
If the transportation cost is included, then GST has to be charged at the same rate of tax charged on supply. For example, if the goods being supplied is charged at 18%, then you have to charge tax on transport cost also at 18%.12-Jan-2022
SAC Code 996511 – Road transport services of Goods including letters, parcels, live animals, household and office furniture, containers and others by refrigerator vehicles, trucks, trailers, man or animal-drawn vehicles or any other vehicles.
What is HSN code for transport charges?
The HSN CODE FOR Goods Transport Services is 9965.
Key Takeaways. Transportation expenses are a subset of travel expenses that refer specifically to the cost of business transportation by car, plane, train, etc. Expenses such as fuel, parking fees, lodging, meals, and telephone charges incurred by employees can be claimed as transportation expenses.
How do I make a transport Invoice?
How to Create a Trucking Invoice
If you are engaged in the business of transportation of passengers, then you can claim ITC for GST paid on purchase of motor vehicles like car.
What is the GST rate for two wheeler?
"FADA requests the Ministry of Finance to regulate and reduce GST rates on two-wheelers to 18 per cent and continue to move our nation to global leadership," the industry body stated on Monday. Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2022-23 in Parliament on February 1.17-Jan-2022
Is GST compulsory for transporter?