A significant change will take effect in GST (Goods and Services Tax) return filing starting in 2025.
According to the new rule, taxpayers will not be able to file their returns more than three years after the due date.
This means that if a taxpayer misses the deadline, they will not have the opportunity to submit that return later.
Purpose of the Rules
GSTN, which manages the GST portal, has announced that this measure aims to enhance compliance and improve data accuracy.
Rajat Mohan, Senior Partner at AMRG & Associates, stated that the primary goal of this change is to encourage timely filing of returns. This will help decrease the number of unfiled returns in the GST system.
Advice to taxpayers
GSTN has recommended that taxpayers verify their records. Those who have not filed their returns should do so as soon as possible.
This will not only help them but also protect them from the limitations imposed by the new rules.
Potential Challenges
However, this change could create challenges for some taxpayers, particularly those who have not filed their returns in the past.
There may be administrative and logistical issues when trying to consolidate old records.
Rajat Mohan also stressed that companies should frequently review their return filings to ensure they meet all obligations on time.
It’s important to recognize that the new GST return filing rule will require taxpayers to take their responsibility for timely filings more seriously.
If they miss the deadline, they will lose the opportunity to file their return. This measure is a significant move towards strengthening the GST system, but it may also pose challenges for taxpayers.
Therefore, all taxpayers should check their filing status and take the necessary actions as soon as possible.
