GST Return Filing Changes: New Thresholds and Liability Rules Effective from September 2024

By: Admin
Date: September 03, 2024
Categories: GST Recent News
Read Time: 4 Min

September 2024 GST Return Filing Changes

Significant changes in GST return filing practices will take effect in India as of September 2024. These updates will affect compliance and financial reporting for taxpayers. The modifications include revised reporting thresholds and liability adjustments, as reported by Hindustan Times.

Key Updates

Revised Reporting Thresholds:

From this month, any supply valued above ₹1 lakh must be reported in Table B2CL of GSTR-1. This adjustment, as outlined in Notification No. 12/2024 dated July 10, 2024, aims to enhance the accuracy and transparency of reporting high-value transactions.

Negative Liability Reporting:

Taxpayers can now report negative liabilities in Table No. 3 of GSTR-3B. These negative liabilities will automatically carry forward to the next month’s return, simplifying the reconciliation process.

Mandatory Bank Account Validation:

Starting September 1, 2024, GSTR-1 or IFF filings will be blocked for taxpayers who have not added and validated their bank account details in their GST registration. Experts, as cited by Hindustan Times, stress that failure to update these details will prevent further filing.

GST Collections and Economic Implications

These changes coincide with robust GST collections. In August 2024, gross GST collections increased by 10 percent, reaching approximately ₹1.75 lakh crore. GST revenues from domestic transactions grew by 9.2 percent to ₹1.25 lakh crore, while revenues from imports rose by 12.1 percent to ₹49,976 crore. Despite these gains, economic experts advise careful interpretation of month-on-month growth figures.

Outlook for 2024

GST collections for 2024 have reached ₹9.13 lakh crore, marking a 10.1 percent increase compared to ₹8.29 lakh crore collected in the same period in 2023. Although there was a sequential decline in August, the overall growth in GST collections reflects strong economic performance since the tax’s introduction.

These updates highlight the importance for businesses to adapt swiftly to comply with new regulations and leverage streamlined processes.

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