The Goods and Services Tax Network (GSTN) on July 26, 2024, issued the notification regarding Advisory for FORM GSTR-1A.
The following has been stated namely: -
• FORM GSTR-1A would be available to all the taxpayers from August 2024.
• The salient features of the FORM are: -
o FORM GSTR-1A is an optional facility. This can be filed only once for a particular tax period.
o The corresponding effect of the changes made through FORM GSTR-1A on the liability of the taxpayer shall be reflected in FORM GSTR-3B for the same tax period
o At the recipient end, the ITC for the supplies declared or amended by the suppliers through FORM GSTR-1A will be available to the recipient in FORM GSTR-2B generated for the next tax period.
• In case where change is required to be made in GSTIN of a recipient for a supply reported in FORM GSTR-1 of a tax period, the same can be rectified through FORM GSTR-1 for the subsequent tax period only.
