FCM and RCM under GST

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... FCM and RCM under GST
Query (Issue) Started By: - Prakriti Mish Dated:- 16-8-2018 Last Reply Date:- 28-8-2018 Goods and Services Tax - GST
Got 10 Replies
GST
A GTA service provider can opt for RCM in case of FCM anytime ? or there is some requirement by law. can he change his mechanism anytime ? Reply By ANITA BHADRA: The Reply: In my view , option for RCM / FCM by GTA service pro .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... vider is transaction based and not for specific period . No such requirement has been indicated in any notification / provisions under GST Act . Experts are requested to share their views Reply By KASTURI SETHI: The Reply: After browsing so many notifications/circulars/FAQs etc. I am also of the same view. Reply By Himansu Sekhar: The Reply: When the supply is to the non specified category, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... suppose to an individual like us, then there will be FCM Else RCM He cannot change it as per his wish. He will pay as per the theory prescribed under law/ Reply By ANITA BHADRA: The Reply: As per notification No 20 / 2017-Central Tax (Rate) 22nd August 2017, GTA has to opt either of the below options as discussed earlier: 12% GST with ITC (Forward Charge), or 5% GST with no ITC (Reverse Cha .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rge) Reply By Ganeshan Kalyani: The Reply: In my view there should be consistent method being followed to pay tax by a taxable person. So ideally it would be for a period and not on a transaction to transaction basis. Otherwise it will become difficult for an audit to check the accounts . Reply By Prakriti Mish: The Reply: From when I can shift to FCM from RCM ? Client has supplied under both .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... mechanism. How to correct his transactions ? Reply By Ganeshan Kalyani: The Reply: Logically from the beginning of a month or beginning of a year. Reply By Ravikumar muthusamy: The Reply: If GST collected by GTA in his bill then no need for GST payable by receipient under RCM. Experts pls correct me if wrong Reply By KASTURI SETHI: The Reply: This is an extract from 20th GST Council Meetin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... g on 5.8.17 8. Goods Transport Agency Service (GTA) Allowed option of 12% GST with full ITC under forward charge. 5% GST with no ITC will also continue. (However, the GTA has to give an option at the beginning of financial year Reply By Ganeshan Kalyani: The Reply: Yes, correct
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X