Advisory on Reporting Supplies to Unregistered Dealers in GSTR-1/GSTR-5

September 3rd, 2024

Notification Details:

• Notification No.: 12/2024 – Central Tax
• Date: July 10, 2024
• Key Change: The threshold limit for reporting invoice-wise details of inter-state taxable outward supplies made to unregistered dealers has been reduced from ₹2.5 lakhs to ₹1 lakh.

Reporting Requirements:

• Where to Report:
  • Table 5 of Form GSTR-1
  • Table 6 of GSTR-5
• New Threshold: Transactions exceeding ₹1 lakh must be reported.

Implementation Timeline:

• Current Status: This change is still under development on the GST portal.
• Portal Update: The updated reporting functionality will be made available to taxpayers shortly.

Interim Advisory:

• Continue Reporting: Until the portal is updated, invoice-wise details of inter-state taxable outward supplies exceeding ₹2.5 lakhs should still be reported in the current format.
• Forms: Use Table 5 of Form GSTR-1 and Table 6 of GSTR-5 for this purpose.

What to Expect:

• Compliance: Keep an eye on the portal for updates. Once the new threshold is implemented, adjust your reporting practices accordingly.
• Avoid Penalties: Staying informed and compliant will help you avoid any potential issues.

This change aims to enhance tax compliance by bringing more transactions under scrutiny. Make sure to update your practices as soon as the portal is ready.

``` This HTML structure provides a clean and readable format for the advisory, with clear sections and bullet points for easy understanding.