GST ON TRANSPORT SAC 9967 CAN AVAIL ITC ON PURCHASE OF NEW VEHCILE

[PN ELAMPARRUTHY]

CAN AVAIL ITC ON PURCHASE OF NEW VEHCILE,FOR FY 24-25 DISCHARGE THE LIABILITY IN 5 IN RCM AND 5 IN FCM 

[Sadanand Bulbule]

Yes. You can.

[PN ELAMPARRUTHY]

Issuing a invoice only on kms basic, (not like GTA), what is the sac code need ? this registered person issuing to vendors 5 in rcm for some companies for others they 5 and 18 on rates .. ?

[Sadanand Bulbule]

The facility of ITC is available  only to GTA and not to GTO.

[PN ELAMPARRUTHY]

SAC 9967 PRESENTLY USING IS THIS CORRECT SIR..

 

[Sadanand Bulbule]

SAC-9967

Supporting services in transport

[PN ELAMPARRUTHY]

even discharing the liability at 5% rate of a tax sir can claim ITC 

[Shilpi Jain]

If you are paying tx @ 5% for GTA service - no ITC available.

If your output liability is RCM tax paid - no credit will be available to supplier.

[PN ELAMPARRUTHY]

Provided that credit of input tax charged on goods and services used  in supplying the service has not been taken  

[PN ELAMPARRUTHY]

even they issing the invoice for GOOD Transport Operations madam..

AI Summary

Input tax credit on new vehicle for transport support services (SAC 9967): GTA vs GTO rules, ITC denied. Input tax credit on purchase of a new vehicle is discussed in the context of transport services classified under SAC 9967 (supporting services in transport) and whether the supplier is a GTA or a GTO. It is stated that ITC is available only to a GTA and not to a GTO. It is further stated that where GTA service is taxed at 5%, ITC is not available, consistent with the condition that credit of input tax on goods and services used in supplying the service is not taken. Where the supplier's outward tax is discharged by recipients under RCM, no ITC is available to the supplier on that output tax.