New GST Rules: No Filing To Be Allowed After Three Years Of Due Date From Next Year
GST Network has announced a major change that will impact taxpayers starting early next year. According to the latest update, GST taxpayers will no longer be able to file monthly and annual GST returns after three years from the original filing due date.
This new rule, set to be implemented in the GST portal in 2025, will affect GST outward supply returns, returns related to payment of liability, annual returns, and tax collected at source. Businesses are advised to proactively audit their filing history and ensure they file their GST returns in a timely manner to avoid any penalties or compliance issues.
Experts in the field, such as AMRG & Associates Senior Partner Rajat Mohan and Chartered Accountant Bimal Jain, have weighed in on the implications of this new rule. Mohan highlighted the importance of timely compliance and data reliability, while Jain emphasized the consequences of not filing mandated GST returns.
Overall, this change in GST filing rules aims to streamline the process, reduce backlog, and encourage taxpayers to stay on top of their compliance responsibilities. It is crucial for businesses to take note of this update and take necessary actions to avoid any future complications.