FAQs: Is GST Applicable to Transporters?
1) What is GST?
GST stands for Goods and Services Tax, which is an indirect tax levied on the supply of goods and services in India.
2) Are transporters required to register for GST?
Yes, if the annual turnover of a transporter exceeds Rs. 20 lakhs, they are required to register for GST.
3) What is the GST rate for transport services?
The GST rate for transport services is 5% for transportation of goods and 12% for transportation of passengers.
4) Can transporters claim input tax credit under GST?
Yes, transporters can claim input tax credit for GST paid on goods and services used for their business such as fuel, repair and maintenance, insurance, etc.
5) What are the documents required for GST compliance for transporters?
Transporters need to maintain records such as invoices, bills of supply, delivery challans, e-way bills, etc., to comply with GST regulations.
6) Is there any exemption from GST for transporters?
Transporters providing transportation services by road for agricultural produce, goods, and passengers are exempted from GST.
Closing Title: Thank You For Reading!
Now you know all about GST applicability for transporters. We hope that this article has answered all your queries related to GST for transportation services. If you have any further questions or doubts, please feel free to ask us in the comments section. Don’t forget to visit us again for more informative articles!