What is GST rate for transportation?
no. 11, (i) Services of goods transport agency (GTA) in relation to transportation of goods (including used household goods for personal use) (Heading 9965 &9967 respectively) attracts GST @2.5% or 6% CGST. Identical rate would be applicable for SGST also, taking the effective rate to 5% or 12%.
GST Rates of Goods
What is the GST rate for HSN code 9988?
5%
The HSN CODE FOR Goods Transport Services is 9965.
Can we take ITC on RCM 5 %?
Question 10: Please clarify whether input tax credit is available to the recipient of service, when the GST paid by him is at a concessional rate of 5% under RCM. Answer: Yes, input tax credit is available in such cases.03-Sept-2020
The Reverse Charge Mechanism (RCM) is the process of GST Payment by the receiver instead of the supplier. In this case, the liability of tax payment is transferred to the recipient/receiver instead of the supplier.27-Jul-2022
What is the HSN code for 12% GST?
HSN Code 0101 to 2202 for 12% GST Rate Items [Substituted w.e.f. 01.01. 2022 vide Notification No. 18/2021-Integrated Tax (Rate), G.S.R. 893(E) dated 28.12.06-Jan-2022
Cartons, boxes and cases of corrugated paper or paper board, fall under heading 4819 and attract 12% GST.
What is the GST rate of HSN code 3926?
GST Rates & HSN Codes on Plastics, Gloves, Polyesters, Resins, Natural Polymers
The HSN CODE FOR Other employment & labour supply services n.e.c is 998519.
What is the GST rate for HSN code 9954?
18%
GST Rate on Job Work Also in the latest GST circular 126/45/2019, it has been clarified that all the registered taxpayers under job work are to be levied with 12% GST and hence the unregistered taxpayers under the GST job work will have to give 18% GST rate.30-Jun-2022
What is the SAC code for transport charges?
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.
Freight costs are also known as freight charges or freight rates. It is the amount paid to a carrier company for the transportation of goods from the point of origin to an agreed location.
What is supporting services in transport under GST?
Other Supporting Services For Railway Transport N.E.C. Operation Services Of National Highways, State Highways, Expressways, Roads & Streets; Bridges And Tunnel Operation Services. Other Supporting Services For Road Transport N.E.C. Other Supporting Services For Water Transport N.E.C.
At time of purchasing such goods/ services: Output SGST RCM A/c is used in place of normal Output SGST A/c to differentiate both taxes as taxes under RCM can not be adjusted against input taxes and has to be paid in cash.
Is RCM mandatory?
Reserve Bank of India. Note - Apart from the goods & services specified in the table above, RCM is also applicable when a supplier is an unregistered person if the taxable value is more than INR 5000 a day and also if the supplies are affected with e-Commerce.
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
Who comes under RCM?
A company or a body corporate. Any person carrying on insurance business. A banking company or a financial institution or a nonbanking financial company. Importer as defined under clause (26) of section 2 of the Customs Act, 1962.
13/2017- Central Tax (Rate) dated 28th June, 2017) are required to pay GST under RCM.What is the rate of GST on GTA?
What happens if RCM not paid?
Even if 100% Service Tax is paid to the service provider, the service recipient is liable to pay the service tax under RCM alongwith Interest. If the Department has issued a Show Cause Notice for payment of RCM then the penalty sought is mentioned in the SCN.
What is GST rate for transportation?