A declaration needs to be provided in Annexure V on or before 15th March of the preceding financial year if a person registered under GTA services wishes to pay tax under the forwarding Charge. The taxpayer should exercise the option to pay a tax of @12% (with ITC) or 5% (without ITC) before 16.08.2022 for the FY 2022-23.
The declaration to be submitted is as under:
Declaration
I/we have taken registration under the CGST Act, 2017 and have exercised the option to pay tax on services of GTA in relation to transport of goods supplied by us during the Financial Year _____ under forward charge.”.