The Central Board of Indirect Taxes and Customs (CBIC) has amended the Goods and Services Tax (GST) rates applicable to the Good Transport Agencies (GTA) from 18th July, 2022.
Goods transport agency is being given option to pay GST at 5 per cent or 12 per cent under forward charge, option to be exercised at the beginning of Financial Year. The GST Council has further decided to continue the RCM option.
As per the notification, nothing contained in this entry shall apply where, –
- the supplier has taken registration under the CGST Act, 2017 and exercised the option to pay tax on the services of GTA in relation to transport of goods supplied by him under forward charge; and
- the supplier has issued a tax invoice to the recipient charging Central Tax at the applicable rates and has made a declaration as prescribed in Annexure III on such invoice issued by him.