Reverse charge mechanism option window revised; GTA must file prescribed form to revert before the financial year commences. The notification amends rules on a Goods Transport Agency's option concerning GST payment, revising timing for exercising or reverting to the reverse charge mechanism to a specified window in the preceding financial year, deeming forward-charge elections to continue unless Annexure VI is filed, and inserting Annexure VI as the prescribed form for GTAs to declare reversion. Annexure V wording is aligned to the new filing deadline, a sub-clause in an Explanation is omitted, and the amendments are given an effective date in the instrument.
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Reverse charge mechanism option window revised; GTA must file prescribed form to revert before the financial year commences.
The notification amends rules on a Goods Transport Agency's option concerning GST payment, revising timing for exercising or reverting to the reverse charge mechanism to a specified window in the preceding financial year, deeming forward-charge elections to continue unless Annexure VI is filed, and inserting Annexure VI as the prescribed form for GTAs to declare reversion. Annexure V wording is aligned to the new filing deadline, a sub-clause in an Explanation is omitted, and the amendments are given an effective date in the instrument.
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