GTAs Shall Not be Required to File Declaration in Annexure V to Opt Forward Charge on Yearly Basis
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- By Chetan Kulasri
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- Last Updated on 28 July, 2023
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Notification No. 06/2023- Central Tax (Rate) dated July 26th, 2023
The CBIC has issued notification to provide that once option to pay tax under forward charge is exercised by GTAs, it will be considered as opted for the next year and subsequent years as well. If a GTA wishes to switch to RCM, the same can be done by filing a declaration in Annexure VI.
It is also provided that the last date of exercising the option by GTAs to pay GST under forward charge mechanism shall be 31st March of preceding Financial Year instead of 15th March. Further, 1st January of preceding Financial Year shall be the start date for exercise of option.
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