1. Reporting of High-Value Supplies:
- Notification No. 12/2024 (10 July 2024) introduces a new requirement for reporting:
- Applicability: Supplies valued above Rs. 1 lakh.
- Reporting Requirement: These supplies must be reported in Table B2CL of GSTR-1.
- Purpose: This measure aims to enhance transparency and facilitate better tracking of high-value transactions, reducing the risk of tax evasion and ensuring proper input tax credit (ITC) claims.
2. Reporting of Negative Liabilities:
- Notification No. 12/2024 (10 July 2024) also includes:
- Applicability: Negative liabilities can now be reported in Table No. 3 of GSTR-3B.
- Automatic Adjustment: These negative liabilities will be automatically adjusted in the next month's return.
- Purpose: Simplifies the reconciliation process by reducing manual effort and ensuring accurate tax records.
3. Blocking of GSTR-1 for Missing Bank Details:
- Effective from September 1, 2024:
- Requirement: Taxpayers must add and validate their bank account details in GST registration.
- Consequence: Failure to do so will result in the blocking of GSTR-1 or Invoice Furnishing Facility (IFF).
- Purpose: Enhances security and integrity of GST transactions, preventing fraudulent activities and ensuring smooth return processing.
4. Activation of GSTR-9 and GSTR-9C Forms:
- Effective from September 1, 2024:
- Forms: GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) will be available on the GST portal.
- Purpose: Facilitates the completion of annual compliance requirements. GSTR-9 summarizes annual transactions, while GSTR-9C reconciles these with audited financial statements, ensuring accuracy in reporting.
Summary
Prepare for these updates by:
- Reporting high-value transactions in Table B2CL of GSTR-1.
- Reporting and reconciling negative liabilities in Table No. 3 of GSTR-3B.
- Updating and validating bank details to avoid blocking of GSTR-1.
- Completing GSTR-9 and GSTR-9C forms for annual compliance.
