[CBIC Notification] | GTA Tax Payment Option Extended to May 31, 2023

Notification No. 05/2023- Central Tax (Rate) dated 9th May, 2023

The CBIC has issued notification to provide that the option for the Financial Year 2023-2024 to pay tax under Forward Charge by Goods Transport Agency (GTA) shall be exercised on or before 31st May, 2023. Earlier, this option was required to be exercised before 15th March, 2023.

It is also provided that a GTA who commences new business or crosses threshold for registration during any Financial Year, may exercise the option to itself pay GST on the services supplied by it during that Financial Year by making a declaration in Annexure V before the expiry of forty-five days from the date of applying for GST registration or one month from the date of obtaining registration whichever is later.

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