{"id":27498,"date":"2024-09-21T13:39:43","date_gmt":"2024-09-21T08:09:43","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=27498"},"modified":"2024-09-21T14:53:57","modified_gmt":"2024-09-21T09:23:57","slug":"changes-are-set-to-take-effect-from-1st-september-2024","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/changes-are-set-to-take-effect-from-1st-september-2024\/","title":{"rendered":"Changes are set to take effect from 1st September 2024."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69edd31c2b6d0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69edd31c2b6d0\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/changes-are-set-to-take-effect-from-1st-september-2024\/#Changes_are_set_to_take_effect_from_1st_September_2024\" title=\"Changes are set to take effect from 1st September 2024\">Changes are set to take effect from 1st September 2024<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/changes-are-set-to-take-effect-from-1st-september-2024\/#Reporting_High-Value_Supplies_in_GSTR-1\" title=\"Reporting High-Value Supplies in GSTR-1:\">Reporting High-Value Supplies in GSTR-1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/changes-are-set-to-take-effect-from-1st-september-2024\/#Reporting_Negative_Liability_in_GSTR-3B\" title=\"Reporting Negative Liability in GSTR-3B:\">Reporting Negative Liability in GSTR-3B:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/changes-are-set-to-take-effect-from-1st-september-2024\/#Blocking_of_GSTR-1_for_Missing_Bank_Account_Details\" title=\"Blocking of GSTR-1 for Missing Bank Account Details:\">Blocking of GSTR-1 for Missing Bank Account Details:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/changes-are-set-to-take-effect-from-1st-september-2024\/#GSTR-9_and_GSTR-9C_Availability\" title=\"GSTR-9 and GSTR-9C Availability:\">GSTR-9 and GSTR-9C Availability:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/changes-are-set-to-take-effect-from-1st-september-2024\/#Reduction_in_Time_Limit_for_Reopening_Assessments_under_Section_148A\" title=\"Reduction in Time Limit for Reopening Assessments under Section 148A:\">Reduction in Time Limit for Reopening Assessments under Section 148A:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26938\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/06\/GST-.png\" alt=\"What is Electronic Cash Ledger ?\" width=\"1051\" height=\"683\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/06\/GST-.png 686w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/06\/GST--300x195.png 300w\" sizes=\"(max-width: 1051px) 100vw, 1051px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Changes_are_set_to_take_effect_from_1st_September_2024\"><\/span><span style=\"color: #000080;\">Changes are set to take effect from 1st September 2024<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Starting in September 2024, taxpayers in India will need to adjust their GST return filing practices due to significant changes aimed at enhancing compliance and financial reporting, according to a Hindustan Times report. Chartered accountant RJA highlighted several updates, which align with Notification No. 12\/2024 issued on July 10, 2024. These changes are part of ongoing reforms aimed at improving tax compliance, streamlining reporting processes, and reducing administrative delays for businesses. The following changes are set to take effect from 1st September 2024:<\/p>\n<ol>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Reporting_High-Value_Supplies_in_GSTR-1\"><\/span><span style=\"color: #000080;\">Reporting High-Value Supplies in GSTR-1:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>New Reporting Threshold: Taxpayers will now be required to report any supply valued above \u20b91 lakh in Table B2CL of GSTR-1. This change aims to improve the accuracy and transparency of high-value transactions.<\/li>\n<li>Notification No. 12\/2024 (10 July 2024): For supplies with a value exceeding \u20b91 lakh, these must now be reported in Table B2CL of GSTR-1. This step enhances transparency in GST reporting, especially for business-to-consumer large transactions.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Reporting_Negative_Liability_in_GSTR-3B\"><\/span><span style=\"color: #000080;\">Reporting Negative Liability in GSTR-3B:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Notification No. 12\/2024 (10 July 2024): Taxpayers can now declare negative liability in Table 3 of GSTR-3B, and this negative liability will be automatically adjusted in the next month\u2019s return. This feature improves reconciliation processes and minimizes errors in tax returns.<\/li>\n<li>Taxpayers can declare negative liability in Table 3 of GSTR-3B, which will be automatically carried forward to the following month\u2019s return. This adjustment simplifies the reconciliation process and helps avoid errors in returns.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Blocking_of_GSTR-1_for_Missing_Bank_Account_Details\"><\/span><span style=\"color: #000080;\">Blocking of GSTR-1 for Missing Bank Account Details:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>From 1st September 2024, if you haven&#8217;t updated and validated your bank account information in your GST registration, your GSTR-1 and IFF (Invoice Furnishing Facility) submissions will be blocked. It&#8217;s essential for taxpayers to ensure their bank details are accurate and verified.<\/li>\n<li>Starting September 1, GSTR-1 or IFF filings will be blocked if taxpayers fail to add and validate their bank account details in their GST registration. Sharma stressed the importance of verifying these details to prevent disruptions in filing.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"GSTR-9_and_GSTR-9C_Availability\"><\/span><span style=\"color: #000080;\">GSTR-9 and GSTR-9C Availability:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Forms GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) will be activated on the GST portal for taxpayers to complete their annual compliance requirements.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Reduction_in_Time_Limit_for_Reopening_Assessments_under_Section_148A\"><\/span><span style=\"color: #000080;\">Reduction in Time Limit for Reopening Assessments under Section 148A:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Effective 1st September 2024, the time limit for issuing notices under Section 148A for reopening assessments has been reduced:\n<ul>\n<li>Income up to \u20b950 lakhs: The time limit remains at 3 years from the end of the relevant assessment year.<\/li>\n<li>Income above \u20b950 lakhs: The reopening period is now reduced from 10 years to 5 years. This significant change shortens the period for which old cases can be scrutinized.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000080;\"><strong>CBDT raises monetary limits for filing income tax appeals (Circular No. 09\/2024):<\/strong><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Central Board of Direct Taxes (CBDT) issued Circular No. 09\/2024, which raised the monetary limits for filing income tax appeals across various judicial bodies. The revised thresholds are as follows:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Income Tax Appellate Tribunal : The new limit for filing appeals is INR 60 lakh, up from the previous INR 50 lakh.<\/li>\n<li>High Courts: The threshold has been increased to INR 2 crore, compared to the earlier INR 1 crore.<\/li>\n<li>Supreme Court or Special Leave Petitions : The new monetary limit for filing appeals is INR 5 crore, a significant jump from the previous limit of INR 2 crore.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<table style=\"height: 199px;\" width=\"989\">\n<tbody>\n<tr>\n<th>Appeals\/SLPs<\/th>\n<th>Monetary Limits<\/th>\n<\/tr>\n<tr>\n<td>Before Appellate Tribunal<\/td>\n<td>INR 50,00,000\/-<\/td>\n<\/tr>\n<tr>\n<td>Before High Court<\/td>\n<td>INR 1,00,00,000\/-<\/td>\n<\/tr>\n<tr>\n<td>Before Supreme Court<\/td>\n<td>INR 2,00,00,000\/-<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"padding-left: 40px;\"><span style=\"color: #000080;\"><strong>Impact of the Circular (Circular No. 09\/2024- CBDT raises monetary limits for filing income tax appeals<\/strong><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The CBDT will withdraw all pending appeals below these revised thresholds, aligning with the updated limits.<\/li>\n<li>This update supersedes Circular No. 5\/2024 dated March 15, 2024, which had lower thresholds for filing appeals.<\/li>\n<li>The goal of these revisions is to reduce the litigation burden by discouraging the filing of appeals in minor tax disputes, helping streamline judicial processes and improve efficiency in handling substantial cases.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">This move reflects an effort to curb unnecessary tax litigation and focus judicial resources on higher-value disputes<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Changes are set to take effect from 1st September 2024 Starting in September 2024, taxpayers in India will need to adjust their GST return filing practices due to significant changes aimed at enhancing compliance and financial reporting, according to a Hindustan Times report. Chartered accountant RJA highlighted several updates, which align with Notification No. 12\/2024 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10020],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/27498"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=27498"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/27498\/revisions"}],"predecessor-version":[{"id":27513,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/27498\/revisions\/27513"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=27498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=27498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=27498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}