What you'll Learn :
The hard-locking of auto-filled liability
values in GSTR-3B represents a crucial change in GST compliance, set to impact
the filing process for the July 25 tax return period and beyond. This update ensures
that once the liability values are
auto-filled, they will be locked, preventing any subsequent changes. In this context,
GSTR-1A becomes crucial for making
any necessary adjustments to these auto-filled values, ensuring that GSTR-3B is
accurately auto-filled.
Reconciling through the Invoice Management System (IMS) is now essential. Failing to
address credit notes rejected by
buyers via GSTR-1A will result in a higher output tax liability, negatively affecting
working capital. Businesses must
take proactive steps to validate and reconcile their data accurately. Any mistakes after
the lock-in could lead to
significant complications during filing, highlighting the need for meticulous
preparation and compliance.
In this webinar, experts at Team Clear will break down the return filing process and its
direct impact on businesses.
They will outline the steps that must be taken before the due date to ensure compliance.
The session will also cover how leveraging technology and adopting the Invoice
Management System (IMS) can help
businesses streamline their reconciliation and filing process. This will minimise errors
and help businesses stay on top
of regulatory changes.
Key Takeaways :
- 1. Implications of Hard-Locking for Businesses : A deep dive into how businesses will be impacted by this update, specifically around the reconciliation of GSTR-3B data.
- 2. Role of IMS in Mitigating Risks : By automating the matching of invoices and purchase registers, learn how IMS can reduce reconciliation errors.
- 3. Consequences of not acting on IMS actions as suppliers : We will outline how neglecting IMS actions can lead to higher tax liabilities and compliance issues.
- 4. Preparing for the Future : Explore how businesses can manage GST regulatory changes and streamline tax filings with technology.
- 5. Understanding the GSTR-3B Hard-Locking Update : Understand the technicalities of the hard-locking mechanism in GSTR-3B, including the timeline.
- 6. Live Q&A
Thought Leader :
