What Is The Full Form Of GTA In GST?
GTA full form in GST is Goods Transport Agency. GTA refers to an entity (could be a person as well) that provides the service of transportation of goods by road in relation to the supply of goods. In the context of the Goods and Services Tax (GST) in India, a GTA is required to be registered under GST and is liable to pay GST on the transportation services provided by it.
What Else Should You Know About GTA?
Under GST, there are four main tax rates: 5%, 12%, 18%, and 28%. The tax rate applicable to a particular good or service is determined based on the classification of the goods or services under the GST tax rate schedule. GTA services are classified as “transportation of goods” under the GST tax rate schedule and are taxed at the rate of 5%. This means that if a GTA provides transportation services for the supply of goods, it is required to charge GST at the rate of 5% on the transportation charges. The GST charged by the GTA can be claimed as an input tax credit by the recipient of the transportation services, provided the recipient is registered under GST and is eligible to claim the input tax credit.