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Completing the GST returns has become more interesting. Phase III of improving HSN wise summary reporting will now be undertaken by GSTN. From now on, all organizations will be required to capture HSN detailed summaries of B2B and B2C supplies separately in Table 12 of GSTR-1/1A.
From April 2025 tax period, GSTN will enhance HSN reporting with phase three. As the goal is to decrease errors, misclassification and increase clarity in GST filing, this procedure will bring more order to the processes. Businesses need to change their HSN data reporting processes in order for compliance with these new changes to HSN data.
B2B and B2C summaries are now to be separated in table twelve thus the amendment should appear there. Entrepreneurs will continue ordering the HSN specifics of the outward and other relevant supplies for the duration of the return period as they are accustomed, but instead of a summary, as of return for April 25 the summary will need to be split into two sections: B2B and B2C. In other terms, business has to summarize HSN subheadings of B2B and B2C supplies in their respective illustrated tabs instead.
The businesses subject to the new HSN implementation changes will now have to follow compliance from the start of the 2025 tax period. This means that the GSTR-1 return pertaining to April 2025, which is to be filed in May 2025, needs to be submitted with a distinct HSN breakdown for B2B and B2C engagements.
Now, businesses will have to generate the reports with HSN annotations B2C and B2B separately. Ensure that your accounting department is brought up to speed and be ready with the documentation for the April returns to include a separate statement of B2C supplies and B2B supplies.
Sounds like a lot of work? Not with TallyPrime. The most recent addition to TallyPrime applies the HSN modifications as recommended by the GSTN, through their advisory guidelines. With a simple update to the latest version, HSN summaries for B2B and B2C supplies can now be included in GSTR-1 automatically. This enables effortless filing of returns and adherence to current GST modifications.
The most recent update for TallyPrime now focuses on integrating the HSN summary changes with the instructions received from GSTIN. You can enable changes in B2B and B2C HSN summary in a few straightforward steps given below:
Subsequent B2B and B2C HSN Summary now become visible options in HSN Summary. To comply with these With every new release, changes Tally ensures you receive the latest guidelines optimally positioned permit controlled report access to users reliant on set predefined interaction levels.
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