Three key changes in September that can impact your GST return filing

Significant changes in GST return filing from September may impact compliance and financial reporting.

Your GST return filing may see significant changes in September that can impact your compliance and financial reporting processes. These changes include new reporting thresholds and liability adjustments which will impact every taxpayer. In a post on social media platform X (formerly Twitter) chartered accountant Anupam Sharma said that starting September, any supply valued above ₹1 lakh must be reported in GSTR-1’s Table B2CL as per Notification No. 12/2024 issued on July 10, 2024.

Starting September, supplies above ₹1 lakh must be reported in GSTR-1’s Table B2CL, and negative liability can be reported in GSTR-3B's Table No. 3.

This will enhance accuracy in reporting and improve the transparency of high-value transactions. Moreover, taxpayers now have the ability to report negative liability in GSTR-3B’s Table No. 3 which will be automatically carried forward to the next month's return.

Another update is that from September 1, GSTR-1 or IFF will be blocked if taxpayers fail to add and validate their bank account details in the GST registration.

Anupam Sharma said, “If you haven't added and validated your bank account details in your GST registration, your GSTR-1 /IFF will be blocked.”

This comes as Gross GST collections in August grew 10 per cent to about ₹1.75 lakh crore, reflecting higher domestic consumption. As per the government data, gross GST revenues from domestic transactions grew 9.2 per cent to about ₹1.25 lakh crore. Revenues from import of goods were up 12.1 per cent to ₹49,976 crore.

In July, gross Goods and Services Tax (GST) mop-up was ₹1.82 lakh crore, while in August last year it was ₹1.59 lakh crore.