What is a goods transport agency?
What is a goods transport agency?
As per Section 65B (26) of the Finance Act, 1994; “Goods Transport Agency means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called”. It is only the services of such GTA, who assumes agency functions, that is being brought into the GST net.
Who is the biggest transport company in India?
List of Road Transport Companies in India
| No | Companies Name | ISIN No |
|---|---|---|
| 1 | ABC INDIA LTD.-$ | INE125D01011 |
| 2 | BALURGHAT TECHNOLOGIES LTD. | INE654B01014 |
| 3 | CENTRAL PROVINCES RAILWAYS CO.LTD. | INE631B01038 |
| 4 | CHARTERED LOGISTICS LTD. | INE558F01026 |
How do I register for GTA GST?
Is the GTA liable to register under GST? Under GTA, a transporter must obtain a GST registration based on their aggregate turnover exceeding INR 20 lakhs or INR 10 lakhs for a unique category in a financial year. GTA has to pay 12% GST on all the GTA services for the financial year provided by them.
What is GTA transport?
What is a GTA? As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “goods transport agency” or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called.
Is ITC available on RCM?
The ITC is not available for the reverse charge payment to the authority. The composition scheme registered individuals also come under the reverse charge, well there will be no credit of RCM be availed. The reverse charge mechanism is applicable to payments made in advance also.
Which is the cheapest mode of transport in India?
railways
The cheapest mode of transport in India is railways. Let us discuss why railways are considered as the cheapest mode of transport. Transport of goods in railways is a cost and fuel efficient process.
Can a GTA claim ITC?
A GTA cannot enjoy any ITC on any of the inputs. So, payment of tax will be only through cash in the normal modes of card/netbanking/cash (only for taxes upto Rs. 10,000).
Is ITC available on transport?
ITC is not available for Motor vehicles used to transport persons, having a seating capacity of less than or equal to 13 persons (including the driver). However, ITC is available if the seating capacity of such motor vehicles exceeds 13 persons. Further, ITC is not available on vessels and aircrafts.
What is goods transport agency (GTA) in India?
The transportation of goods in India is done by a courier agency or a transporter. The transporter is known as the Goods Transport Agency (GTA). What is GTA? Goods Transport Agency is basically a person (transporter) who provides goods transportation services by road by issuing a consignment note.
What is the mode of transportation of goods in India?
Goods Transportation in India. The most popular form of goods transport in India is via road. As per the National Highways Authority of India, about 65% of freight and 80% passenger traffic is carried by the roads. Transportation of goods by road are done by transporter or courier agency.
What is the service of transportation of goods under GST?
What service of transportation of goods is exempt under GST? Services by way of transportation of goods are exempted: (a) by road except the services of: (i) a goods transportation agency; (ii) a courier agency (b) by inland waterways. Therefore, the service of transportation of goods by road continue to be exempt even under the GST regime.
What is the most popular form of Transportation in India?
The most popular form of goods transport in India is via road. Transportation of goods by road are done by a transporter or courier agency. In this article, I have covered all the provisions affecting GST on Goods Transport Agency.
