CHANGES FROM 1ST SEPTEMBER 2024

CHANGES FROM 1ST SEPTEMBER 2024

September 5, 2024 News 0

DIRECT AND INDIRECT TAXES CHANGES:


CHANGES FROM 1ST SEPTEMBER 2024

  1. Reporting of High-Value Transactions
    Notification No. 12/2024 (10 July 2024):
    If a supply exceeds ₹1 lakh, it must now be reported in GSTR-1’s Table B2CL.
  2. Negative Liability in GSTR-3B
    Notification No. 12/2024 (10 July 2024):
    Taxpayers can report negative liability in GSTR-3B’s Table 3. It will be auto-adjusted in the next return, simplifying reconciliation.
  3. Blocking of GSTR-1/IFF for Non-Validated Bank Accounts
    Starting 1st September 2024: GSTR-1/IFF will be blocked for taxpayers who haven’t added and validated bank account details in GST registration.
  4. Activation of GSTR-9 and GSTR-9C
    GSTR-9 and GSTR-9C forms will be active on the GST portal.
  5. Reduction in Time Limits for Reopening Assessments (Sec 148A)
    New Rule (Effective from 1st Sept 2024):
  • For income up to ₹50 lakhs: Cases can’t be reopened within 3 years from the end of the assessment year.
  • For income above ₹50 lakhs: The reopening window has been reduced from 10 years to 5 years.

Let us know if you have any additional questions at anshul@karwaandassociates.com

 

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