Key Highlights of GST Notifications and Clarification Circulars

Notification Updates

Notification 26/2024-Central Tax dated 18 November 2024

The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification for extending the due date for furnishing the return in FORM GSTR-3B for the month of October 2024 till the twenty-first day of November 2024 for the registered persons whose principal place of business is in the state of Maharashtra and Jharkhand.

GST News

Gross and Net GST revenue collection report for the month of October 2024

The GSTN team has released Gross and Net GST revenue collections for the month of October 2024. The report highlights an 8.9% increase in gross collection from October 2023.

Technical Updates

Advisory issued on the time limit for reporting e-invoices on the IRP portal - threshold lowered to AATO INR 100 million and above.

The threshold for the 30-day time limit for reporting e-invoices on IRP portals for taxpayers with an AATO of INR 100 million and above has now been lowered to include taxpayers with an AATO of INR 100 million and above.

• Effective 1 April 2025, taxpayers with an AATO of INR 100 million and above will no longer be allowed to report e-invoices older than 30 days from the date of reporting on IRP portals.
• It is further clarified that this reporting restriction will not apply to taxpayers with an AATO of less than INR 100 million at present.

Access here: https://tinyurl.com/56aesbxz