Key Compliance Points for GSTR-1 from October 2024

GSTR-1 filing requires accurate and timely compliance with certain documentation requirements. Here’s a quick guide to ensure your GSTR-1 filing is in line with the latest guidelines.

1. Self Invoice

From October 2024 onwards, businesses need to be cautious with their self-invoices:

  • Where to Report: Self-invoices should be recorded in Table 13 - Documents issued, under Serial No. 2 in the GSTR-1 return for the respective period.
  • Why It’s Important: Accurate reflection of self-invoices ensures transparency and compliance in internal billing, particularly for purchases made from unregistered suppliers.

2. Payment Voucher

A new addition to GSTR-1 compliance is the requirement for documenting payment vouchers:

  • Where to Report: Issue a Payment Voucher in Table 13 - Documents issued, under Serial No. 7 when making payments to suppliers.
  • Compliance Benefits: Proper documentation of payment vouchers streamlines the accounting process and helps in managing payment records efficiently.

Why Compliance Matters

Non-compliance with GSTR-1 filing requirements can lead to penalties and complications with the GST department. Adhering to these new compliance points not only avoids legal issues but also supports transparent financial operations.

Contact Taxla Services
Need assistance with GSTR-1 filing or any other tax compliance? Our experts at Taxla Services are here to guide you through every step.

📞 Contact us: +91 96000 76134
📍 Address: 19, SBI Colony 3rd Street, Saligramam, Chennai - 600093
🌐 Website: www.taxlaservices.com

#GSTR1Compliance #TaxCompliance #TaxlaServices #GSTFiling #TaxConsultants #BusinessCompliance




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