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]

 | 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