GST Return: Major updates have emerged concerning the Goods and Services Tax, specifically the GST return. The government has implemented significant alterations to it. The regulations will take effect starting next year.
How the new rules can effect
According to this decision, starting in 2025, GST taxpayers will be unable to submit monthly and annual GST returns three years after the filing due date. The Goods and Services Tax Network (GSTN) has announced this decision. GSTN announced that the new regulation will pertain to GST sales returns, annual returns, tax collection at source, and returns concerning liability payments.
Have to submit return within three years in all situations
In simple terms, if you don’t submit your return within three years from the return filing date, you won’t be able to file it afterward. You will be required to submit your return within three years in all situations. A new update will be introduced on the GST portal starting at the beginning of next year, 2025. Consequently, GSTN has recommended that GST filers align their records. If they haven’t submitted their GST returns yet, they should do so as soon as they can.
File your Annual Return in Form GSTR-9 and Form GSTR-9C for the F. Y. 2023-24 before the due date. The last date to file GST Annual Returns is approaching soon. pic.twitter.com/CKo94aw6z1
— CBIC (@cbic_india) December 26, 2024
Why the new rules is set to implimise?
Rajat Mohan, a partner at AMRG & Associates, states that the aim of GSTN’s decision is to achieve compliance more quickly. This decision also aims to decrease the accumulation of GST returns. He stated that GSTN’s choice will create issues for individuals who have not submitted their returns so far. In addition to this, the major challenge will confront those taxpayers experiencing logistical and administrative issues in retrieving their previous records.