One day before due date: GSTN issues Advisory on Filing of Declaration by GTA under FCM

The Goods and Services Tax Network(GSTN) has issued Advisory on Filing of Declaration in Annexure V by Goods Transport Agency (GTA) opting to pay tax under Forward Charge Mechanism (FCM).

The GTAs, who commence business or cross the registration threshold on or after 1st April 2023, and wish to opt for payment of tax under the 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 earlier notified by CBIC via Notification.

The Notification that was stated as, “Provided also that the option for the Financial Year 2023-2024 shall be exercised on or before the 31st May, 2023. Provided also 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.”

For Official Notification Download PDF Given Below: