Important changes in GST w.e.f. 01st September 2024
The following important changes in GST business processes will take effect from 01-09-2024
1.Reporting of value of Supply
If the value of Supply is above Rs. 1 lakh, it must be reported in GSTR-1’s Table B2CL. Though the condition took effect w.e.f. 01-08-2024, as per the notification, it will be available for reporting from 1st September 2024. This Rule 59(4) of CGST Rules 2024 prescribes inter-State supplies with invoice value more than two and a half lakh rupees now one lakh rupees made to the unregistered persons requires to be reported invoicewise.
2.Reporting Negative liability value
The Taxpayers can now report negative liability in GSTR-3B’s Table No:3. The negative liability will be automatically adjusted in the next month’s return, making the reconciliation process smoother.
(Ref:- Notification No. 12/2024-CT dated:10-07-2024.)
3.Linking of Bank Account
If a Taxpayer haven’t added and validated their bank account details in GST registration, facility to file GSTR-1 for normal taxpayer (or) IFF in case of QRMP optee will be blocked.
4.Filing of Annual Return
The Annual Return GSTR-9 and GSTR-9C for FY 2023-24 are to be filed by 31-12-2024.
These Forms GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) will be active and made available for filing on the GST portal.
The copy of the order is attached herewith:
