Reverse charge mechanism option now requires annual prior-year filing within a prescribed January-March window to remain effective. The amendment requires Goods Transport Agencies to exercise the option to revert to the reverse charge mechanism by filing Annexure VI within the prescribed annual window in the preceding financial year (on or after the first of January but not later than the thirty-first of March); an option to pay under forward charge continues automatically for future years unless Annexure VI is filed within that window; the Annexure VI form and related explanatory notes set that the option, once exercised, cannot be changed for one year and remains valid for the financial year for which it is exercised.
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Provisions expressly mentioned in the judgment/order text.
Reverse charge mechanism option now requires annual prior-year filing within a prescribed January-March window to remain effective.
The amendment requires Goods Transport Agencies to exercise the option to revert to the reverse charge mechanism by filing Annexure VI within the prescribed annual window in the preceding financial year (on or after the first of January but not later than the thirty-first of March); an option to pay under forward charge continues automatically for future years unless Annexure VI is filed within that window; the Annexure VI form and related explanatory notes set that the option, once exercised, cannot be changed for one year and remains valid for the financial year for which it is exercised.
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