TMI BlogFCM and RCM under GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 provider is transaction based and not for specific period . No such requirement has been indicated in any notification / provisions under GST Act . Experts are reque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sted 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, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Charge) - Reply By Ganeshan Kalyani - The Reply = In my view there should be consistent method being followed to pay tax by a taxable p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erson. 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 mechanism. How to correct his transactions ? - Reply By Ganeshan Kalyani - The Reply = Logically from the beginning of a m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onth 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 Meeting on 5.8.17 8. Goods Transport Agency Service (GTA) Allowed option o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 - FCM and RCM under GST - Query Started By: - Prakriti Mish Dated:- 16-8-2018 Goods and Services Tax - GST - Got 10 Replies - GST - Discussion Forum - Knowledge Sharing, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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