GSTIN Advisory: The Goods and Service Tax Network (GSTN) has issued an advisory on the option for payment of tax under the forward charge mechanism by the goods transport agency (GTA).
This GSTIN advisory was issued in compliance with Notification No. 03/2022-Central Tax (Rate), dated 13th July, 2022, an option is being provided on the portal to all the existing taxpayers providing Goods Transport Agencies Services, desirous of opting to pay tax under the forward charge mechanism to exercise their option.
They can navigate Services > User Services > Opting Forward Charge Payment by GTA (Annexure V), after login, to submit their option on the portal.
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Option in Annexure V FORM is required to be submitted on the portal by the Goods Transport Agencies every year before the commencement of the Financial Year. The Option once filed cannot be withdrawn during the year and the cut-off date for filing the Annexure V FORM is 15th March of the preceding financial year.
Annexure V has been made available on the portal for GTA’s to exercise their option for the Financial Year 2023-24, which would be available till 15TH March 2023.
Team GSTIN issues advisories from time to time to assist the different types of taxpayers or to resolve their grievances.
