GSTN Rolls Out Phase-III Changes to Table 12 of GSTR-1 & GSTR-1A Effective February 2025

GSTN has rolled out phase III changes to Table 12 of GSTR 1 and GSTR-1A, effective from February 2025. These changes include the addition of new fields, which will allow taxpayers to report adjustments related to supply of goods and services. With the introduction of these changes, businesses will be able to declare transactions related to supply made in earlier periods. The new features aim to streamline the filing process and improve accuracy in the reporting of transactions in the GST system. Taxpayers will need to comply with the new structure to ensure their returns are accurate and timely.