GSTN Issues Advisory on Barring of GST Return on Expiry of Three Years
The changes are going to be implemented in the GST portal from early next year (2025).
The Goods and Services Tax Network ( GSTN ) has issued an advisory addressing the taxpayers about an impending change in GST return filing timelines. As per the Finance Act, 2023, which came into effect on October 1, 2023, taxpayers will face a strict three-year limitation period for filing their GST returns. Taxpayers are urged to diligently reconcile their financial records and file...
The Goods and Services Tax Network ( GSTN ) has issued an advisory addressing the taxpayers about an impending change in GST return filing timelines. As per the Finance Act, 2023, which came into effect on October 1, 2023, taxpayers will face a strict three-year limitation period for filing their GST returns. Taxpayers are urged to diligently reconcile their financial records and file all outstanding GST returns, such as GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9, without delay.
The GSTN advisory draws attention to the importance of timely compliance with GST regulations. This means that any GST return, including those for outward supplies, payment of liability, annual returns, and tax collected at source, must be filed within three years of its original due date. Failure to do so will result in the permanent barring of the return.
This advisory has far-reaching implications for taxpayers. By imposing a strict three-year deadline, the government aims to streamline the GST compliance process and better carry out the tax revenue collection. However, it also places a bigger burden on taxpayers to maintain accurate records and file returns promptly.
Complete Supreme Court Judgment on GST from 2017 to 2024 with Free E-Book Access, Click here
To avoid any complications associated with this new rule, taxpayers should thoroughly review and reconcile all financial records to identify any discrepancies or omissions. They should also prioritize the filing of all outstanding GST returns, even if they are late. Consulting with tax professionals will ensure better compliance with the GST regulations.
The said changes are going to be implemented in the GST portal from early next year (2025). Hence, the taxpayers are advised to reconcile their records and file their GST Returns as soon as possible if not filed till now.
The advisory was issued on 29th, october 2024.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
