GST Updates - September 2024

To ensure compliance and minimize disruptions, it is essential to stay informed about the latest GST notifications. The following three key changes have been introduced:

1. Revised Threshold for Reporting Outward Taxable Supply: The notification lowers the threshold for reporting outward taxable supply to unregistered persons from ₹2.5 lakhs to ₹1 lakh, necessitating revised reporting requirements.

2. Introduction of Negative Liability Reporting: Taxpayers can now report negative liability arising from amendments in invoices or credit notes, enabling more accurate tax calculations.

3. Mandatory Bank Details for GSTR-1 Filing: To facilitate seamless filing, valid bank details are now required to access GSTR-1 filing, preventing non-compliance.

Source: Notification No. 12/2024:

https://taxinformation.cbic.gov.in/view-pdf/1010097/ENG/Notifications

GST advisory for furnishing of bank accounts:

https://www.gst.gov.in/newsandupdates/read/513