CHANGES FROM 1ST SEPTEMBER 2024
DIRECT AND INDIRECT TAXES CHANGES:
CHANGES FROM 1ST SEPTEMBER 2024
- 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. - 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. - 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. - Activation of GSTR-9 and GSTR-9C
GSTR-9 and GSTR-9C forms will be active on the GST portal. - 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