GST•4 min read
GST Compliance: Critical Updates for Q1 2025
Anjali Desai
Jan 15, 2025
E-Invoicing Expansion
The mandate for e-invoicing has now been extended to businesses with a turnover exceeding ₹5 Cr. This move aims to curb tax evasion and streamline the input tax credit (ITC) process.
ITC Reversal Rules
New clarifications on Rule 37A require taxpayers to reverse ITC if their suppliers fail to file GSTR-3B. This shifts a significant compliance burden onto the recipient.
Action Plan
Businesses should automate their GSTR-2B reconciliation to ensure they are not claiming ineligible credit. Regular vendor communication is now more critical than ever.
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