12 Jul CBIC Lowers Reporting Threshold for B2C Inter-State Supplies to Rs. 1 Lakh
Background:
In the 53rd GST Meeting of the GST Council held on June 22, 2024, in New Delhi, it was recommended to reduce the threshold for reporting B2C inter-state supplies invoice-wise in Table 5 of FORM GSTR-1 from Rs. 2.5 Lakh to Rs. 1 Lakh.
Notification:
CBIC, vide Notification No. 12/2024 – Central Tax dated July 10, 2024, exercised its powers under Section 164 of the CGST Act to reduce the threshold for furnishing details of outward supplies of goods or services or both in Table 5 of FORM GSTR-1 made to unregistered persons. This amendment lowers the reporting threshold from Rs. 2.5 Lakh to Rs. 1 Lakh, effective from August 01, 2024.
Effect of the Notification:
From August 01, 2024, registered taxpayers are required to report B2C inter-state supplies invoice-wise in Table 5 of FORM GSTR-1 for transactions valued above one lakh rupees.
The Notification can be accessed at:
https://www.nyca.in/wp-content/uploads/2024/07/Notification_No._12_2024_–_Central_Tax_10.7.2024-1.pdf
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