GSTN issues Advisory on filing of Declaration in Annexure V by GTAs opting to pay GST under Forward Charge Mechanism
The Goods and Services Tax Network (GSTN) has issued an advisory on the filing of declaration in Annexure V by GTAs opting to pay Goods and Services Tax (GST) under Forward Charge Mechanism (FCM). The advisory stated that, “The GTAs, who commence business or cross registration threshold on or after 1st April, 2023, and wish to opt for payment of tax under forward charge mechanism...
The Goods and Services Tax Network (GSTN) has issued an advisory on the filing of declaration in Annexure V by GTAs opting to pay Goods and Services Tax (GST) under Forward Charge Mechanism (FCM).
The advisory stated that, “The GTAs, who commence business or cross registration threshold on or after 1st April, 2023, and wish to opt for payment of tax under forward charge mechanism are required to file their declaration in Annexure V for the FY 2023-24 physically before the concerned jurisdictional authority.
It was further clarified that, “The declaration may be filed within the specified time limits, as prescribed in the Notification No. 05/2023-Central Tax (Rate), dated. 09.05.2023.”
The Central Government, on being satisfied that it is necessary in the public interest so todo, on the recommendations of the Council, inserted the following enabling provision,namely –
“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.”
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