GST Reporting Changes from September 1, 2024

This is to update you that w.e.f. September 1, 2024, following changes are taking place in GST return filing process:

1. Reporting of inter-State B2C supplies of value more than ? 1 lakh. [Notification No. 12/2024-Central Tax dated July 10, 2024]
2. Reporting of negative liability in Table 3 of GSTR-3B. The negative liability will automatically be adjusted next month. [Notification No. 12/2024-Central Tax dated July 10, 2024]
3. Bank account validation becomes mandatory. Failure to add and validate bank account will lead to blocking of Form GSTR-1/IFF.
4. Form GSTR-9 & 9C is likely to become active on portal.
5. Reporting of ‘RCM ITC Opening Balance’ before November 30, 2024. Opening balance till October 31, 2024, can be reported. [GSTN Advisory dated August 23, 2024]

GABA & CO. | Remarks

• The notices faced by taxpayers in last 2 years have taught that complying with correct reporting requirements can buy a real peace of mind.
• Thus, it is advisable that correct reporting should be made in all relevant forms without any delay.

Hope you find the above update useful. Please feel free to drop us a message for any clarification, query or feedback.

Disclaimer:

The views expressed in the update are strictly personal, based on our understanding of the underlying law. We are not responsible for any injury, loss or cost arising to any person who refers this update and acts or refrains from any act accordingly. We would suggest that a detailed legal advice must be sought before relying on this update.