GST Notification Update: Easier Tax Options for Goods Transport Agencies (GTAs)

Key Amendment: Changes in Notification No. 11/2017-Central Tax (Rate) simplify tax options for Goods Transport Agencies (GTAs).

Specific Update - Serial Number 9: In item (iii), sub-item (b), additional provisos introduced for the Financial Year 2023-2024.

New Provisions: Option exercise deadline for FY 2023-2024: On or before 31st May 2023. Provision for new businesses or those crossing the registration threshold during a Financial Year to declare the option within 45 days from GST registration application or one month from registration, whichever is later.

Objective: Facilitate timely and flexible option declarations for GTAs.

Effective Date: The amendment is applicable from the 31st May 2023.

Official Source: Notification No. 11/2017-Central Tax (Rate), dated 28th June 2017, last amended on 13th July 2022.

Note: This condensed overview aims for accessibility. For exhaustive details, refer to the official gazette.