- GST compliance is crucial for businesses in India
- GST Portal introduced RCM Liability/ITC Statement and mandatory bank account details
- Updates aim to streamline reporting process and ensure accurate financial records
- RCM ITC opening balance reporting guidelines provided
- Deadline for declaring opening balance is October 31, 2024
- Amendments to opening balance can be made until November 30, 2024
- Bank account information must be provided before filing GSTR-1/IFF
- Rule 10A of Central Goods and Services Tax Rules requires bank account details within 30 days of registration grant date
Source: taxilla.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
