Starting this September, taxpayers in India may need to change how they file their GST returns because of upcoming changes that could affect how they report their finances and follow the rules. These updates include new reporting limits and changes to the amounts owed, and they will affect all taxpayers. This information comes from a report by Hindustan Times.

Manoranjan Sharma, Chief Economist at Informerics Ratings, highlights that while August’s numbers show a decrease compared to the previous month, GST collections have been growing strongly since the tax was introduced. Sharma notes that it’s challenging to keep up a high growth rate on a larger base and says it’s important to look at historical data for a full analysis, as reported by ANI.

So far in 2024, GST collections have reached Rs 9.13 lakh crore, marking a 10.1% increase compared to the same period in 2023, when collections were Rs 8.29 lakh crore.

According to a social media post by Anupam Sharma, a chartered accountant, starting in September, taxpayers must report any supply worth more than Rs 1 lakh in Table Business to Consumer (B2CL) on GSTR-1. This update matches Notification No. 12/2024, which was released on July 10, 2024. These changes are meant to make reporting more accurate and clearer when high-value transactions happen.

In addition to these changes, taxpayers can now report negative amounts owed in Table No. 3 of GSTR-3B, which will automatically be included in their next month’s return.

Another important update, which started on September 1, is that taxpayers can only file GSTR-1 or IFF if they add and confirm their bank account details in their GST registration.

These changes coincide with a 10% increase in total GST collections in August, reaching about Rs 1.75 lakh crore, showing that people in the country are spending more. Government data indicates that GST revenues from transactions within the country went up 9.2% to about Rs 1.25 lakh crore, while imports grew by 12.1% to Rs 49,976 crore. 

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