Chaitra Seetharam
Quick Summary
As per Notification No. 12/2024- Central Tax dated 10 July, 2024 published by the Central Board of Indirect Taxes and Customs (CBIC), major changes in the GST Act will have an impact in the GST returns filing: Revised Reporting Threshold If the value of supply of goods or services or both is great
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FAQ :
The reporting threshold for supplies in Form GSTR-1's table B2CL has been reduced from two and a half lakh rupees to one lakh rupees, effective from 1st August 2024.
Yes, taxpayers now have the option to report negative liabilities in Table 3 of Form GSTR-3B. This amount will be carried forward and automatically adjusted in the following month's return.
Taxpayers who have not updated and validated their bank account details during GST registration will be blocked from filing their GSTR-1 returns or using the Invoice Furnishing Facility (IFF).
According to GST Rule 10A, it is compulsory to furnish bank account details within 30 days from the date of registration.
Yes, two new line items have been added to Tables 4 and 5 of Form GSTR-9 concerning supplies made through an e-commerce operator under section 9(5).
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