Customs And GST Alert – Vol. 1 – Issue 11 – October 2024

NEWS UPDATES

• The Invoice Management System (IMS) has been activated on the GSTN portal with effect from 14.10.2024, to enable taxpayers to match their records / invoices vis-à-vis those issued by their suppliers, for availing correct Input Tax Credit (ITC). The first Form GSTR-2B would be generated for the return period October 2024 on 14.11.2024, based on actions taken on the IMS.
• GSTN has proposed to implement a "hard lock" on the auto-populated liability figures in Form GSTR-3B based on figures declared in Form GSTR-1/1A, from January 2025. Any changes to the auto-populated figure post filing of Form GSTR-1 must be made by filing Form GSTR-1A (so that they can be incorporated in Form GSTR-3B). "Hard locking" of ITC figures is also proposed to be implemented in future.