Your GST returns filing can witness an amendment this month, affecting your compliance and financial reporting processes.
From new reporting limits and obligations adjustments to the compliances, such revisions under GST Notification No. 12/2024 are set to impact every taxpayer. Learn what to do to stay ahead.
Tax experts said that starting September, any supply valued above Rs 1 lakh must be reported in Form GSTR-1 Table B2CL, per the Notification No. 12/2024 issued on July 10, 2024.
It intends to improve the precision in reporting and the transparency of high-value transactions.
Also, the taxpayers can report negative obligations in Table No. 3 of GSTR-3B. The same negative obligation will be carried forward automatically to the return of next month, easing the reconciliation procedure and simplifying the load on businesses.
Vital compliance arrives with the new mandate from 1st September 2024, GSTR–1 or IFF will be blocked if taxpayers cannot add and validate their bank account details in the GST registration.
If you did not add and validate your bank account details in your GST registration then your GSTR-1/IFF will get blocked.
The same step has the motive of stringent compliance and assuring all the registered businesses maintain updated and accurate bank details with the GST portal.
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