- February 24, 2023
- Posted by: Pravinjana Consultants
- Category: What's New
The Goods and Services Tax Network (“GSTN”) has enabled the option to file a declaration in Annexure-V to opt for payment under the Forward Charge Mechanism (“FCM”) by the Goods Transport Agency (“GTA”) on the GST Portal.
The functionality can be accessed at: Dashboard > Services > User Services > Opting Forward Charge payment by GTA (Annexure V) > Select FY & apply
.
The authorities have set a deadline for the Goods Transport Agency (GTA) to file its declaration in Annexure V for the Financial Year 2023–2024. Declarations may be submitted up to March 15, 2023.
According to the declaration’s specimen, it is not necessary to state in the declaration that the services would be rendered with a 12% or 5% GST rate on a forward charge basis.
Can it be filed after due date?
The government has not provided any details for failing to submit the declarations. According to the law, a GTA will not be permitted to offer services on a forward charge basis if the declaration is not filed.