Effective September 1, 2024, GSTR-1/IFF submissions will be restricted if bank account details are not provided and validated in your GST registration

As the GST system keeps changing, there are important updates in September 2024 that businesses need to know about to stay compliant. Key changes include adjustments to Table B2CL, the requirement to link a bank account, and other important modifications that will impact the GST return filing process. KEY CHANGES GSTR 1 As per Notification No. 12/2024, dated 10th July 2024,  Starting in September 2024, any supply valued over Rs. 1 lakh must be reported in Table B2CL of GSTR-1. This will enhance reporting accuracy and transparency for high-value transactions. Get a Copy of GST Smart Guide, Click here GSTR-1 – BLOCKING FOR NON-FURNISHING BANK ACCOUNT DETAILS Effective September 1, 2024, GSTR-1/IFF submissions will be restricted if bank account details are not provided and validated in your GST registration. Make sure to update and confirm your bank account information to prevent any disruptions.  This was officially conveyed through the Notification No. 12/2024, dated 10th July 2024. GSTR 3B Taxpayers can now enter negative liabilities in Table No. 3 of GSTR-3B. These negative amounts will be automatically offset in the next month’s return, simplifying the reconciliation process. In July, a government report revealed an 8.8% increase in Central GST ( CGST ) collections, reaching ₹32,386 crore, compared to ₹29,773 crore in July 2023. State GST ( SGST ) revenue saw a 7.1% growth, rising to ₹40,289 crore from ₹37,623 crore last year. Integrated GST ( IGST ) collections experienced a significant 10.6% jump, totaling ₹49,437 crore, up from ₹44,691 crore. Get a Copy of GST Smart Guide, Click here Similarly, the GST revenue from imports saw notable growth as per the new report. IGST on imports increased by 14.0%, reaching ₹47,009 crore compared to ₹41,239 crore last year. Cess on imports also rose significantly by 22.5%, amounting to ₹1,029 crore, up from ₹840 crore previously. Overall, total GST revenue, including both domestic and import sources, hit ₹1.82 trillion, showing a 10.3% rise from the previous year. This follows a GST revenue of ₹1.73 trillion in June 2024, which was 7.63% higher than the ₹1.61 trillion collected in June 2023. The increase from June to July 2024 highlights the continued growth in GST collections