GST New Rules : The government has already stated that it will any amendments to the filing of GST returns effective from the next financial year and so on. From 2025, all GST taxpayers must submit their monthly and annual tax returns within a maximum of three years.
Further changes regarding the returns filed on account of sales, sales tax activity, the annual excess and taxes withheld, have been introduced by the Secondary Revenue Agency, GST Network (GSTN). Notably under this rule, filing of retunsg is restricted within three years of the date of the returning.
Completion Should Be Done Speedily
This comes on the heels of GSTn granting an announcement consenting to new into force from the commencement of the year 2025. All observance look at respective records of the taxpayer itself and if there happened to be any late filed returns of the taxpayers then the same would also not be delayed.
As per the senior partner of AMRG & Associates, Rajat Mohan on the latest announcement, gsts compliance implies going to revolutionary changes. In the amendment, a three-year time limit is laid down after which GST return cannot be filed.
Don’t File Last Minute
An internal arrangement promoted by timelies with the quality of data enhanced and an advance in reducing returns that have not been on record filed within the GSt system. Fittingly for a taxpayer, it is turning out increasingly hard to file any missing returns along with a plain record of submission- has aided in filing such returns by many taxpayers who have previously not been willing to do so, he stated.
“On the other hand, it is most likely going to create problems to some types of taxpayer who do not file their returns, especially where the only issue is restructuring sufficient outline records to enable the filing of the claim,” noted Mohan.
It is sensible for companies to complete their review of return submissions and, where applicable, finalize any outstanding tax return matters before the deadline for submission.
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