CBIC notifies amendments; Last date of exercising the option by GTAs to pay GST under FCM shall be March 31 as per recommendations of the 50th GST Council Meeting

Background:

Earlier, the 50th Meeting of the GST Council was held on July 11, 2023 in New Delhi, wherein it was recommended to provide the last date for exercising the option by GTAs to pay GST under the forward charge mechanism as March 31 of the preceding Financial Year instead of March 15. Further, January 01 of the preceding Financial Year shall be the start date for the exercise of an option.

Notification:

Now, the CBIC vide Notification No. 06/2023-Central Tax (Rate) dated July 26, 2023 has issued an amendment in Notification No. 11/2017- Central Tax (Rate) dated June 28, 2017 to implement the recommendations of the 50th GST Council Meeting.

It has been notified that the last date of exercising the option by GTAs to pay GST under forward charge shall be March 31 of the preceding Financial Year instead of March 15. January 01 of the preceding Financial Year shall be the start date for the exercise of an option.

This Notification shall come into force on July 27, 2023.

Similar notifications have been passed under the Integrated Goods and Services Tax Act, 2017 (“the IGST Act”) and the Union Territory Goods and Services Tax Act, 2017 (“the UTGST Act”).

The CGST (Rate) Notification: https://egazette.gov.in/WriteReadData/2023/247632.pdf

The IGST (Rate) Notification: https://egazette.gov.in/WriteReadData/2023/247632.pdf

The UTGST (Rate) Notification: https://egazette.gov.in/WriteReadData/2023/247632.pdf

(Author can be reached at info@a2ztaxcorp.com)

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