This is Ravi Verma, and today I will let you know about the new form Annexure V for GTA
Let’s get started,
The GST rate on GTA (Goods Transport Agency) has been changed from 18th July 2022. And the government has given two options for the GTA Agency.
- Forward charge mechanism
- Reverse charge mechanism
And all GTA agencies can choose either of the two schemes in every financial year. It means you can switch your scheme every year on the basis of your GTA service.
The main thing on GTA service
The Government has announced two new changes to the GTA service (Goods Transport Agency) If you are choosing to go with the Forward Charge Mechanism on the GTA service, you would have to fill out the form annexure V with the help of the GST portal, because this form is live on the GST portal so you can fill this form after go to the GST portal.
And the has already announced the last date for the filling of the annexure V form is 15 March 2023, So you can file this form on the 15th March 2023 or before 15th march 2023.
If you have chosen the Forward charge mechanism, after that, you can’t switch to another mechanism before the financial year ends.
Changes in Invoice
After opting for the forward charge mechanism, you have to mention a declaration at the bottom of your invoice and also mention the GTA service number in the declaration.