What Is the Difference Between Audit and Assurance?
- 107, Vasudev Chamber, M G, Link Rd, Industrial Area, Bhandup West, Mumbai, Maharashtra 400080
Recent GST Changes After 53rd GST Council Meeting
09/02/2024
It is essential for all GST-registered businesses to have a complete track of GST updates to comply fully with the GST Law. The recent changes in GST, which CBIC and GST Council introduced, are as follows:
1. B2C Invoice value above Rs. 1,00,000/- to be reported as B2CL
As notified in, Notification No. 12/2024 dated 10th July 2024, w.e.f from September 2024 GST Returns, if a supply’s invoice value is above Rs. 1 lakh, it must be reported in GSTR-1’s Table B2CL earlier, this limit was Rs. 2 Lakhs.
2. Reporting of Negative value in GSTR 3B
As notified in Notification No. 12/2024 dated 10th July 2024, GST Taxpayers can now report negative liability in Table 3 of GSTR-3B’s. The negative liability will be automatically adjusted in the next month’s GST return, making the reconciliation process smoother.
3. GSTR -1 Blocking if Bank Details not updated
GST Council has decided to block GSTR-1 for those GST-registered taxpayers who have not furnished Bank Account Details w.e.f 1st September 2024. Suppose you haven’t added and validated your bank account details in your GST registration on the GST Portal. In that case, your GSTR-1 /IFF will be blocked by the GST Department.
4. GSTR 9 and GSTR 9C enabled for FY 2023-24
GSTR-9 GST Annual Return and GSTR-9C (Reconciliation Statement) will be active on the GST portal w.e.f 01st September 2024 for 2023-24.
The above-mentioned changes by the 53rd GST Council Meeting chaired by Honourable Finance Minister Mrs. Nirmala Sitaraman will be effective from 01st September 2024. These small changes in GST Returns and GST Portals have provided a lot of relief to GST-registered Taxpayers.
To get more details about the subject mentioned above, you can contact us at +91 76201 44726 or email us at anam_ca@yahoo.com. Our firm, Anam Shaikh & Associates, an audit firm in Mumbai, is a team of professionals and experts who care about all your compliances. We are an expert CA Firm in Mumbai for GST Return Filling in Mumbai, Income Return Filling in Mumbai Audit & Assurance Services, and accounting services in Mumbai.
Tags :
Indirect Tax
Share :
Have Any Question?
We wish to consistently build value for our clients by delivering a motivated and committed team of professionals working hand in hand to maintain the highest standards of integrity and confidentiality in fulfilling client-specific needs.