GST Advisory No. 620 Dt. 01.01.2024: New Online Filing functionalities for GTAs to Declare their Choice of FCM and RCM for GST Payment
Explore the latest functionalities introduced by the Goods and Service Tax Network (GSTN) through Advisory No. 620 issued on January 1, 2024. This advisory brings forth online filing functionalities for Goods Transport Agencies (GTAs), enabling them to declare their choice between the Forward Charge Mechanism (FCM) and Reverse Charge Mechanism (RCM) for paying GST.
Let’s delve into the key features outlined in the advisory for seamless compliance by the GTAs.
1. Online Declaration for Existing GTA Taxpayers:
Existing GTA taxpayers can now file online declarations in Annexure V and Annexure VI through the portal. In compliance with Notification No. 06/2023-Central Tax (Rate), dated 26.07.2023, the declaration to pay GST under FCM or RCM must be made between January 1 and March 31 of the current Financial Year for the upcoming Financial Year 2024-25. Access Annexure V Form by logging in and navigating to Services>>User Services>>GTA>>Opting Forward Charge Payment (Annexure V). Similarly, access Annexure VI Form for opting to revert under RCM.
2. Online Declaration for Newly Registered GTA Taxpayers:
Newly registered GTA taxpayers can now file their declarations within the specified due date for the current Financial Year (2023-2024 onwards). The system configures the due date (within forty-five days from applying for GST registration or one month from obtaining registration, whichever is later). Access this feature by clicking YES on the post-login pop-up message or navigating to Services>>User Services>>GTA>>Opting Forward Charge Payment (Annexure V).
3. Manual Upload of Annexure V Form for FY 2023-24:
For both existing and newly registered GTA taxpayers who manually submitted Annexure V Form for FY 2023-24, upload the duly acknowledged copy on the portal. Ensure correctness in particulars, including the date of acknowledgement from the jurisdictional office where the physical Annexure V was filed. If filed within the specified due date, there’s no need to refile for FY 2024-25 or subsequent years. Utilize the manual upload facility through Services>>User Services>>GTA>> Upload Manually Filed Annexure V.
4. Automatic Continuation of Option:
As per the advisory, the option exercised by GTAs to pay GST under FCM is deemed to continue for the next and future financial years unless a declaration in Annexure VI is filed to revert to RCM.
5. Exemption for Early Filers for FY 2024-25:
GTAs who filed declarations on the portal between 27.07.2023 and 22.08.2023 for FY 2024-25 are considered valid. These taxpayers need not file Annexure V for subsequent FYs if they wish to maintain their option for paying GST under the Forward Charge Mechanism.
Conclusion:
Stay ahead with the new functionalities introduced by GSTN, ensuring smooth and timely filing of declarations for GST payment options. Navigate through the portal and leverage the user-friendly features designed to streamline the compliance process for GTA taxpayers.
To Access the Advisory from the Portal CLICK HERE
To Know the Key GST Reforms Initiated by CBIC in 2023 CLICK HERE
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