GST Due Date Reminder: IFF for October 2024 (Due Date: November 13, 2024)

Staying on top of GST compliance is crucial for businesses to avoid penalties and maintain smooth financial operations. One essential aspect for businesses registered under the GST scheme is the Invoice Furnishing Facility (IFF). For October 2024, the deadline to file IFF is November 13, 2024. This blog post breaks down what IFF is, who needs to file it, and the consequences of missing the deadline.

What is the Invoice Furnishing Facility (IFF)?

The Invoice Furnishing Facility (IFF) is a feature available to businesses that have opted for the QRMP scheme (Quarterly Return Monthly Payment). Under this scheme, small taxpayers who file GST quarterly returns (GSTR-1 and GSTR-3B) can choose to submit their sales invoices monthly. The IFF option allows eligible taxpayers to upload their Business-to-Business (B2B) invoices every month for the first two months of the quarter. This helps buyers claim input tax credit (ITC) without waiting for the full quarterly return.

Key Points for Filing IFF for October 2024

  • Eligibility: Only taxpayers registered under the QRMP scheme are required to use the IFF. If you are not enrolled in the QRMP scheme, the IFF does not apply to you.
  • Period Covered: The IFF for October 2024 covers invoices raised during October.
  • Purpose: Filing IFF ensures that your B2B customers can avail of input tax credit in a timely manner, as it allows them to reflect the invoices in their GSTR-2A.
  • Due Date: The deadline to file the IFF for October 2024 is November 13, 2024.

Why Meeting the IFF Deadline is Important

Meeting the IFF filing deadline has multiple benefits for both the seller and the buyer:

  1. Timely Input Tax Credit (ITC) for Buyers: Buyers rely on the timely reflection of invoices in their GSTR-2A to claim ITC. By filing the IFF on time, you support your buyers in claiming their credits promptly.

  2. Compliance and Avoiding Penalties: Though late filing of IFF doesn’t attract penalties directly, consistent late filing may impact your GST compliance rating and create challenges for buyers who rely on your compliance for their ITC claims.

  3. Accurate Record-Keeping: Filing IFF regularly helps businesses maintain clear records of monthly sales, which eases the quarterly return filing process and ensures that all B2B transactions are accurately reported.

How to File IFF on the GST Portal

  1. Login to the GST portal using your credentials.
  2. Navigate to the Returns Dashboard and select the relevant period for which you are filing (October 2024 in this case).
  3. Click on IFF under the QRMP scheme, and enter your B2B invoice details.
  4. Save and Submit the information. Ensure that the invoices entered are accurate and match your records.
  5. Complete the filing process by clicking on File IFF.

Consequences of Missing the IFF Deadline

If the IFF is not filed by the November 13, 2024 deadline, B2B invoices for October will not appear in your buyers’ GSTR-2A for that month. This can delay their ITC claims and potentially impact their cash flow. Although missing the IFF deadline does not lead to a penalty, it is best practice to file on time to maintain good compliance and support your business relationships.

Need Help with GST Compliance?

If you find managing your GST returns and filing requirements challenging, consider seeking professional assistance. Taxla Services specializes in GST compliance, helping businesses navigate the complexities of filing, invoicing, and adhering to all GST regulations.

📞 Contact us today: +91 9600076134 / 6374812546
📧 Email: auditsiva2@gmail.com
🌐 Website: www.taxlaservices.com

#TaxlaServices #GSTCompliance #IFFFiling #GSTDueDate #QRMP #InputTaxCredit #BusinessTax #StayCompliant #TaxExperts

Stay compliant, save time, and maintain strong business relationships by filing your IFF for October 2024 by November 13! Let Taxla Services be your partner in seamless GST compliance.




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