Change in the GST Act effective from 1st September 2024
1. Notification No. 12/2024 (10 July 2024): From September 2024, if a supply’s value is above Rs. 1 lakh, it must be reported in GSTR-1’s Table B2CL (Earlier the amount was ₹ 2 Lac)
2. Notification No. 12/2024 (10 July 2024): 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. (Earlier there was no such facility and any negative liability was adjusted in the books only thereby leading unwarranted ASMT 10 and SCN)
3. Blocking of GSTR-1 for Non-Furnishing of Bank Account Details: From 1st September 2024: If you haven’t added and validated your bank account details in your GST registration, your GSTR-1 /IFF will be blocked.
(Earlier there was just a pop up message on the GSTN as soon as a RTP logged in on the portal but now the impact of ignorance will be seen/felt)
4. GSTR-9 and GSTR-9C: Forms GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) will be active on the GST portal.
(Try and reconcile the balances before filing the Tax Audit Report for the FY 23-24) in order to avoid any discrepancies later.
The copy of the order is as under:
