01.11.24 से GSTR-1 में हुआ बड़ा बदलाव | BILL DETAILS हुआ MANDATORY

Summary

This video explains key updates in the GST filing process effective from November 1, 2024, particularly for GSTR-1. A new mandatory Table 13 has been introduced, requiring detailed reporting of documents issued during the tax period, such as invoices, credit/debit notes, and self-invoices for reverse charge transactions from unregistered persons. The video emphasizes that failing to comply with these requirements can result in penalties under the GST Act. It provides crucial insights on the self-invoicing process and the reverse charge mechanism, offering viewers essential guidance to avoid penalties and stay compliant in their GST returns.

Takeaways

• 😀 Table 13 is now mandatory in GST R1 from November 1, 2024, for reporting documents issued during the tax period.
• 😀 Table 13 includes details of tax invoices, credit notes, debit notes, self-invoicing, and more, all of which must be reported.
• 😀 Self-invoicing is now mandatory for inward supply from unregistered persons under Reverse Charge Mechanism (RCM).
• 😀 Self-invoicing must be done within 30 days of the transaction when dealing with unregistered suppliers under RCM.
• 😀 Failure to comply with the new requirements can lead to penalties under sections 122 and 125 of the GST Act.
• 😀 Businesses must report the number of documents issued, including invoices and vouchers, in Table 13 of GST R1.
• 😀 The reporting of invoices for outward supply (sales) and inward supply (purchases) must now include specific details as per the new rules.
• 😀 The reporting of invoices for inward supply from unregistered persons has been made mandatory from November 1, 2024.
• 😀 If a business receives goods or services under RCM from an unregistered person, the self-invoice details must be reported in GST R1.
• 😀 Non-disclosure of mandatory information can result in penalties for incomplete reporting or non-compliance.

Q & A

What is the new mandatory requirement in GSTR-1 from November 1, 2024?

From November 1, 2024, GSTR-1 requires mandatory disclosure of details in Table 13, which includes information on all documents issued during the tax period such as invoices, credit notes, debit notes, receipt vouchers, payment vouchers, self-invoices, and delivery challans.

Which table in GSTR-1 has become mandatory from November 2024, and what does it require?

Table 13, titled 'Document Issued During the Tax Period,' has become mandatory. It requires reporting of various documents issued during the tax period, including tax invoices (both B2B and B2C), credit and debit notes, self-invoices, and delivery challans for job work.

What is the consequence of not filling Table 13 in GSTR-1?

Failure to fill Table 13 can lead to penalties under sections 122 and 125 of the GST Act, which are for non-disclosure of mandatory information as required under the GST reporting rules.

What is the specific requirement for reporting inward supplies from unregistered persons?

From November 1, 2024, businesses must report inward supplies from unregistered persons under reverse charge mechanism (RCM). They need to self-invoice within 30 days and report the self-invoice number in Table 13.

What types of supplies from unregistered persons require self-invoicing?

Any inward supply under reverse charge (RCM) from an unregistered person, such as services from Goods Transport Agencies (GTA) or goods like metals or raw cotton, requires self-invoicing. The self-invoice number must be reported in Table 13.

Do businesses need to self-invoice for reverse charge transactions with registered persons?

No, businesses do not need to self-invoice for reverse charge transactions with registered persons. The registered supplier will issue the tax invoice, and businesses will report it in their GSTR-1 based on the supplier's invoice.

How long does a business have to issue a self-invoice for reverse charge transactions with unregistered persons?

A business has 30 days to issue a self-invoice for reverse charge transactions with unregistered persons, as required by Section 31(3f) of the GST Act.

What documents need to be disclosed in Table 13 of GSTR-1?

Table 13 requires disclosure of all types of documents issued, including tax invoices for both B2B and B2C transactions, credit and debit notes, self-invoices, receipt vouchers, payment vouchers, and delivery challans issued for job work.

What changes have occurred in the compliance process for GSTR-1 filings starting November 2024?

The compliance process now includes mandatory reporting of self-invoices and inward supplies from unregistered persons under reverse charge in Table 13 of GSTR-1. This change ensures businesses accurately report all relevant documents during the tax period.

How can businesses avoid penalties related to GSTR-1 filing non-compliance?

To avoid penalties, businesses must ensure that all mandatory disclosures, including self-invoices for reverse charge transactions and inward supplies from unregistered persons, are accurately reported in Table 13 of GSTR-1 by the deadline.