The GST update of hard-locking of auto-filled liability values in GSTR-3B is set to significantly impact compliance, starting from the July 25 tax return period. Once liability values are auto-filled in GSTR-3B, they will be locked, preventing any further changes before filing it. This makes it crucial for businesses to ensure that GSTR-1 and GSTR-3B are perfectly aligned before the filing deadline.
GSTR-1A comes into play here, allowing businesses to make adjustments to the auto-filled values in GSTR-3B, ensuring that the final filing is accurate. Reconciling using the Invoice Management System (IMS) is now more important than ever. Failure to address rejected credit notes/debit notes from buyers through GSTR-1A will lead to higher output tax liability, which could severely impact working capital.
In this session, our seasoned expert at Team Clear will discuss how to effectively eliminate mismatches between GSTR-1 and GSTR-3B and navigate the challenges posed by GSTR-3B hard-locking update.

• 1.Understanding GSTR-3B Hard-Locking:
  Learn about hard-locking of auto-populated values in GSTR-3B and its timeline. Ensure accuracy before the filing due date to prevent mismatches.
• 2. Impact of Hard-Locking on GST Compliance:
  Understand the impact of auto-locking liability values and the risks of incorrect reconciliation between GSTR-1 and GSTR-3B.
• 3. Role of GSTR-1A in Reconciliation:
  Learn how GSTR-1A adjusts rejected credit notes and resolves discrepancies between GSTR-1 and GSTR-3B to reduce output tax liability.
• 4. Leveraging IMS to Eliminate Mismatches:
  Automate invoice matching, reduce errors, and manage rejected credit notes/debit notes to avoid higher tax liabilities.
• 5. Consequences of Neglecting IMS Actions:
  Understand the risks of failing to address IMS actions, which can lead to higher liabilities and disrupted financial planning.
• 6. Preparing for Future Compliance Changes:
  The government is bringing hard locking on input tax credit in the near future. IMS will be crucial to keep track of both outward tax liability and input tax credit.
• 7. Automation by Clear:
  Use advanced technology, especially for IMS reconciliation, to manage GST regulatory changes and streamline GSTR-1, GSTR-2B and GSTR-3B reconciliation for compliance assurance.
• 8. Live Q&A