Tomorrow i.e 31st May 2023 is the extended due date for Opt-in / Opt-out for Forward Charge / Reverse Charge for FY 2023-24 [Notification No.03/2022 - CT(R) dated 13.07.2022]
The deadline for goods transport agencies to opt for GST payment has been extended to May 31, 2023. This means that all transport companies will have until May 31 to register for the GST and begin paying GST on their supplies. The action is intended to provide agencies with additional time to comply with the new tax regime.
Goods transport agencies (GTAs) are businesses that provide the service of transporting goods from one location to another. Under the Goods and Services Tax (GST) regime, GTAs are required to register for GST and pay GST on their supplies. However, the government had initially given GTAs until March 15, 2023 to opt for GST payment.
Extension of deadline
The government has now extended the deadline to May 31, 2023 for GTAs to opt for GST payment. This means that all GTAs will now have until May 31 to register for GST and start paying GST on their supplies.
Reasons for extension
The government has extended the deadline for GTAs to opt for GST payment for a number of reasons, including:
- To give GTAs more time to comply with the new tax regime.
- To allow GTAs to assess their compliance obligations and make informed decisions about whether to opt for GST payment.
- To avoid any disruption to the supply chain of goods.
GTAs that wish to opt for GST payment must file an application with the GST authorities. The application must be filed in Form GST CMP-01. GTAs that opt for GST payment will be required to pay GST at the rate of 12% (with input tax credit) or 5% (without input tax credit).
The government's decision to extend the deadline for GTAs to opt for GST payment is a positive step that will help to ensure that GTAs are able to comply with the new tax regime. The extension will also help to avoid any disruption to the supply chain of goods.