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Last two days left to opt for Forward Charge option by GTAs (Goods Transport Agencies) for FY 2023-24.

Time Expired 

CBIC vide Notification No. 03/2022-Central Tax (Rate) dated 13th July 2022, provided an option to all GTAs (Goods Transport Agencies) to opt for forward charge mechanism in place of reverse charge mechanism.

How can GTAs opt for Forward Charge Mechanism?

A declaration / consent in Annexure V FORM is required to be submitted on the GST Portal by the GTA (Goods Transport Agencies) every year before the commencement of the Financial Year.

Whether GTA can change the option later?

The option once exercised cannot be withdrawn or changed during the year.

What is the cut-off date for choosing the option?

The cut-off date for filing the Annexure V FORM is 15th March of the preceding financial year.

That means Annexure V Form for FY 2023-24 can be filed by GTAs on or before 15th March, 2023.

How to opt for forward charge option?

GTAs can opt for forward charge option by submitting the Annexure V Form via following navigation at GST Portal. Services > User Services > Opting Forward Charge Payment by GTA .......
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Author:

TaxReply


Mar 13, 2023


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