The GST Council’s 50th meeting was held in Delhi on July 11, 2023, under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendations to clarify the GST rates:
- It has been decided that GTAs will not be required to file a declaration for paying GST under forward charge every year. If they have exercised this option for a particular financial year, they shall be deemed to have exercised it for the next and future financial years unless they file a declaration that they want to revert to the reverse charge mechanism (RCM).
- Further, it has also been decided that the last date of exercising the option by GTAs to pay GST under forward charge shall be 31st March of the preceding Financial Year instead of 15th March. 1st January of the preceding Financial Year shall be the start date for the exercise of the option.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1938812