New GST Portal Update | New Facility For GTA To Opt For GST Payment On Forward Charge | Annexure V

On 25th February 2023, the GST Network (GSTN) released an advisory announcing a new GST portal facility for all the Goods Transport Agencies (GTA) to opt for GST payment on a forward charge. The update comes in response to the CGST rate notification number 3/2022
released last year on 13th July 2022. The CBIC notified that the GTAs could pay GST on a forward charge basis, either at 5% (without tax credit) or 12% (with tax credit), along with the reverse charge option.

Taxpayers who provide GTA services must take action in Form Annexure V on the GST portal every year by 15th March 2023 before a new financial year FY 2023-24 begins. They can file this form only if they are interested in paying GST on a forward charge basis throughout the financial year. Else, they’ll remain taxed on a reverse charge basis.

Watch this video for the complete details of advisory by the GSTN, and impact of choices made by the GTA.

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This video covers:

00:00 Introduction
00:00 Who must comply with e-invoicing?
00:00 Benefits of e-Invoicing on business
00:00 e-Invoicing impact on business processes
00:00 Consequences of not generating e-invoices
00:00 How to implement e-Invoicing for small businesses?

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