GST New Rule 2024: The government has made pronouncements regarding the amendments that shall take effect in the filling of GST returns beginning next financial year. From the year 2025, every GST taxpayer will be required to furnish his/her monthly and yearly tax returns within a period not exceeding three years.
The Secondary Revenue Agency, GST Network (GSTN) announced that changes will be introduced concerning the returns filed regarding sales, sales tax activity, the annual excess and taxes withheld. It is to be noted that under the rule, filing of retunsg is restricted within three years of the date of the returning.
Completion should be done speedily:
GSTn announced that as of the beginning in the year 2025, new reformations will become effective in the GST system. Observing compliance comes with looking at respective records of the tax payer and in case there are missed to be filed returns of the taxpayers, even that is done without delay.
Senior Partner, AMRG & Associates, Rajat Mohan commented regarding the latest development that gsts compliance has undergone revolutionary changes. In this amendment, the time limit of three years is provided after which GST return cannot be filed.
Don’t file last minute:
This proposal is a measure aimed at promoting compliance within timelies, enhancing the quality of the data and a help in the going forward reducing the amount of returns that have not been filed on record within the GSt system. Making it hard for the tax payers to file any outstanding returns with plain records of submission has assisted in making most of the tax payers to file returns that they were previously not willing to do so, he stated.
“On the other hand, this is likely to pose problems to certain types of return filing non-compliant taxpayers, especially where the issue is only one of re-organizing sufficient outline records to enable a claim,” Mohan noted.
He observed that it is prudent for firms to review their return submissions and settle all outstanding tax return submissions, if applicable, before the expiration of the deadline.
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