Goods transport agency option to pay GST limits input tax credit and requires annual pre year declaration to be filed. Amendments reclassify and re rate specified transport and healthcare services, restrict input tax credit for goods and services used in supplying certain taxable services, and introduce an option for a Goods Transport Agency to pay GST on its services under forward charge for a whole financial year by submitting Annexure V before the financial year begins; the option is annual and irrevocable for one year, with transitional relief for the 2022-2023 year. Definitions for print media, clinical establishment, health care services and goods transport agency are added; Annexure V form and an effective date in July 2022 are prescribed.
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Provisions expressly mentioned in the judgment/order text.
Goods transport agency option to pay GST limits input tax credit and requires annual pre year declaration to be filed.
Amendments reclassify and re rate specified transport and healthcare services, restrict input tax credit for goods and services used in supplying certain taxable services, and introduce an option for a Goods Transport Agency to pay GST on its services under forward charge for a whole financial year by submitting Annexure V before the financial year begins; the option is annual and irrevocable for one year, with transitional relief for the 2022-2023 year. Definitions for print media, clinical establishment, health care services and goods transport agency are added; Annexure V form and an effective date in July 2022 are prescribed.
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