Hello users!

The meeting covered several important topics that may impact your business operations and GST compliance.

Note: The changes mentioned in this post is only applicable to the India edition of Zoho Books.

The recommendations provided by the council include:

• A new optional facility that allows taxpayers to add or amend details in GSTR-1 for the current tax period/IFF (Invoice Furnishing Facility) for the first and second months of the quarter before filing GSTR-3B.

• A reduction in the invoice amount threshold from ₹2.5 lakh to ₹1 lakh to report B2C inter-state supplies in Table 5 of FORM GSTR-1.

• The due date for filing GSTR-4 by composition taxpayers should be extended from the current deadline of 30th April to 30th June, starting from the financial year 2024-25 onwards.

• Taxpayers with an annual turnover of up to ₹2 crore should be exempted from filing the annual return in Form GSTR-9/9A for the financial year 2023-24.

The GST Council has also announced revisions in GST rates and exemptions for various goods and services. Please read the press release issued by the Finance Ministry to learn more about the developments in the GST Council meeting.

We understand the importance of keeping you informed about regulatory changes that affect your business. If you have any questions or insights to share, please leave a comment below. We will be happy to assist you!

Until our next update, stay informed and be ready to transcend with knowledge!

Warm regards,
Madhumitha Malarvannan
The Zoho Books Team