Starting from September 1, 2024, you will have to adhere to new rules and GST Updates regarding GST Return Filing. It’s essential for businesses to be aware of these changes to ensure compliance and avoid any penalties.
Key GST Updates affecting GST Return filing
Reporting of High-Value Supplies in GSTR-1
As per the latest notification No. 12/2024, any supply exceeding Rs. 1 lakh must be reported in Table B2CL of GSTR-1. Earlier it was Rs. 2.5 Lakhs. Thus, the businesses must accurately report these high-value transactions in their returns to ensure they file returns correctly.
Reporting Negative Liability in GSTR-3B
The same notification allows taxpayers now to report negative liability in Table No.3 of GSTR-3B. Thus, simplifying the reconciliation process. Furthermore, the negative liability will now be automatically adjusted in the next month’s GST Return. That means, reducing manual efforts and GST Return filing issues.
Blocking of GSTR-1 for Incomplete Bank Account Details
From September 1, 2024, your GSTR-1 or Invoice Furnishing Facility(IFF) will be blocked if you haven’t added and validated your bank account details in your GST Registration. Thus, it is important to update and validate your bank details on the GST Portal to avoid GST Return Filing Issues.
Activation of GSTR-9 and GSTR-9C on the GST Portal
The GST Portal has now activated Forms GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement). Therefore, businesses must complete these forms well in advance for annual reporting and reconciliation of their GST Data.
Conclusion
These new GST Updates introduce changes in GST Return Filing and highlight the importance for companies to stay informed with GST regulations. Reviewing these modifications and changing filing methods will guarantee that the new standards are followed. If you have any doubts regarding New GST Updates, Don’t hesitate to contact us.
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Moreover, If you want any other guidance relating to GST Return Filing or GST Updates, please feel free to talk to our business advisors at 8881-069-069.
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