The Central Government has extended time limit for exercising the option to pay tax under the Forward Charge for Financial Year 2023-24 by the Goods Transport Agency till May 31, 2023vide Notification No. 05/2023-Central Tax (Rate) dated May 09, 2023 .
Earlier, CBIC vide Notification No. 03/2022-Central Tax (Rate) dated 13th July 2022, provided an option to all GTAs (Goods Transport Agencies) to opt for forward charge mechanism in place of reverse charge mechanism. The original deadline was 15th March 2023.
Similar notifications have been issued under the Integrated Goods and Services Tax Act, 2017 i.e.05/2023- Integrated Tax (Rate) dated 09.05.2023 and the Union Territory Goods and Services Tax Act, 2017 i.e. 05/2023-Union Territory Tax (Rate) dated 09.05.2023.
