Reetu | Sep 3, 2024 |
Key Changes in GST Returns w.e.f 1st September 2024
With the beginning of September, many changes are in the line for this month. These changes are related to the GST Act. Majorly, three key changes that took place in September that can impact the GST return filing.
GST return filing may undergo significant changes in September, affecting your compliance and financial reporting operations. These changes include new reporting levels and liability adjustments that will affect all taxpayers. Let’s have a look at these changes.
From September 2024, if a supply’s value is above Rs. 1 lakh, it must be reported in GSTR-1’s Table Business to Customer Large (B2CL). This improves reporting accuracy and transparency for high-value transactions.
Taxpayers can now report negative liabilities on GSTR-3B Table No. 3. The negative liability will be automatically adjusted in the following month’s return, streamlining the reconciliation process.
Blocking of GSTR-1 for Non-Furnishing of Bank Account Details – If you have not added and validated your bank account details in your GST registration, your GSTR-1 /IFF will be blocked beginning September 1, 2024.
Forms GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) will be active on the GST portal.
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