Advisory pertaining to Goods Transport Agencies (GTAs) opting to pay tax under the forward charge mechanism
According to the advisory, GTAs that have commenced their business or crossed the registration threshold on or after 1st April 2023 and wish to opt for payment of tax under the forward charge mechanism must file their declaration in Annexure V for the fiscal year 2023-24. The declaration needs to be filed physically before the relevant jurisdictional authority.
The advisory mentions that the declaration should be filed within the specified time limits prescribed in Notification No. 05/2023-Central Tax (Rate), dated 9th May 2023.
The purpose of this advisory is to inform GTAs about the procedure they need to follow if they choose to pay tax under the forward charge mechanism. By filing the declaration in Annexure V, GTAs can clarify their intention to opt for this mechanism and ensure compliance with the GST regulations.
It is important for GTAs to adhere to the specified time limits and fulfill the filing requirements to avoid any potential penalties or non-compliance issues.
Overall, this advisory provides guidance to GTAs regarding the filing of their declaration in Annexure V for opting to pay tax under the forward charge mechanism, emphasizing the need for physical filing before the relevant jurisdictional authority.
Goods and Service Tax
Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA) opting to pay tax under forward charge mechanism
30/05/2023
The GTAs, who commence business or cross registration threshold on or after 1st April, 2023, and wish to opt for payment of tax under forward charge mechanism are required to file their declaration in Annexure V for the FY 2023-24 physically before the concerned jurisdictional authority.
The declaration may be filed within the specified time limits, as prescribed in the Notification. No. 05/2023-Central Tax (Rate), dated. 09.05.2023.
Thanks,
GSTN
