Skip to main content

Goods Transport Agency in GST

Goods Transport Agency (GTA) in GST:


  1. To be covered under GTA services a person needs to provide service in relation to goods transport by road AND issues consignment note (by what ever name called) by which lein on the goods transfered to the transporter and the transporter becomes responsible for the goods till its safe delivery to the consignee. Hence to be qualified as GTA the service provider should be necessarily issuing a consignment note.
  2. Individual truck/tempo operators who do not issue any consignment note are not covered within the meaning of the term GTA.
  3. GST is charged @ 5% when input was not availed by GTA and the service receiver is liable to pay tax. However the service receiver shall take input credit on GST paid. When the service is provided to un registered person, GTA is liable to pay tax not the service receiver. 
  4. GST is charged @12% when input was availed by GTA and the GTA itself is liable to pay tax not the service receiver.
  5. No GST charged by GTA for transportation of specified goods like agriculture produce, milk, salt, and food grains including flour, pulses and rice; organic manure; newspaper or magazines registered with registrar of newspapers; relief material meant for victims of natural or man made disasters, calamities, accidents, or mishap; or defence or military equipments.
  6. No GST charged by GTA where consideration charged for the transportation of goods in a single carraige does not exceed Rs.1500/- and transportation of all goods for a single consignee does not exceed Rs.750/-.
  7. No GST payable by GTA on hiring a means of transportation of goods to provide his output services.
  8. The pure transportation of goods services are mostly provided by persons in the unorganized sector and hence has specifically excluded such operators from the tax net. In respect of those who provide agency services in transport, the liability is cast on the recipients in most of the  cases or unless option to pay under forward charge has been exercised by the GTA.

Compiled By
CA.R.Jeyarajan FCA.,
Mobile: 9943362200
Mail-id : ca.rjr@hotmail.com

Labels:
Location: Thoothukudi, Tamil Nadu, India

Comments

Post a Comment

Popular posts from this blog

Pay No Tax on Aggregate Income of Rs 7,85,000/- (Ay 2019-20)

In this case assessee (male/female below 60 years) having salary/business or professional income/income from other sources of Rs 7,85,000/- (including saving bank account interest Rs. 10,000/-) and living in a house/flat acquired with borrowed funds, will be required to pay no tax as under: Net Income from Salary/Business/Profession Other Sources                             Rs. 7,85,000 Income From House Property                   (Fully self occupied)                                                  Nil Less: Interest on funds borrowed                                             Rs. 2,00,000         ...
Post a Comment
Read more

UNDERSTANDING YOUR CIBIL SCORE

What is the CIBIL Score? The CIBIL Score is a 3 digit numeric summary of your credit history. The Score is derived by using the details found in the “Accounts” and “Enquirers” sections on your Credit Information Report (CIR) and ranges from 300 to 900. The closer your Score is to 900, the more favorably your loan application will be viewed by a credit institution. The Score plays a critical role in the loan approval process. What does my score Mean? The score tells a credit institution how likely you are to pay back your loan based on your past pattern of credit usage and loan repayment behavior. The closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan and hence better the chances of your application getting approved. What are the major factors that affect my score? There are 4 (Four) major factors that affect your score. These are described below. Late Payment or Defaults in the Recent Past: Your Payment hi...
Post a Comment
Read more

Refund on Account of Export of Goods - With Payment of Tax

Eligibility: File GSTR-3B of the relevant tax period for which refund is to be sought. File GSTR-1, providing export details in Table 6A of GSTR1 along with shipping bill details and having integrated tax levied. Claiming of Refund: NO separate refund application required, shipping bill itself shall be considered as refund application. Processing of Refund: Export data as filed in GSTR1 (Table 6A) after validated with GSTR 3B will be shared with ICEGATE. Customs validate GSTR 1 data with their shipping bill and EGM data. On sucessful matching of data refund will be processed. Once the refund payment credited to the account of the tax payers -> ICEGATE system shares the payment information with the GST Portal -> GST portal inform the tax payer through SMS and e-mail Further Clarification regading Refund: Contact corresponding ICEGATE jurisdictional officials. Bank Account for Refund: The refund amount will be credited in the bank account ma...
Post a Comment
Read more