📋 GST & Tax updates for June 03, 2026 — Key circulars, compliance deadlines, and relief measures.
CIRCULAR
GST Council: ITC Reconciliation Rules Clarified for FY 2024-25
The GST department has issued fresh guidelines on Input Tax Credit reconciliation between GSTR-2B and books of accounts. Businesses can now use QRMP scheme data for reconciliation without additional documentation.
💼 Impact: Relief for businesses with minor ITC mismatches. No penalty if difference is under ₹50,000 and explained.
DEADLINE
GSTR-3B Filing Deadline — June 20, 2026
Monthly taxpayers under regular scheme must file GSTR-3B for May 2026 by June 20, 2026. QRMP scheme filers have extended deadline of June 22-24 depending on state.
⚠️ Action Required: Ensure all outward supplies and ITC entries are reconciled before filing.
RELIEF
Annual Return (GSTR-9) Threshold Raised to ₹2 Crore
Taxpayers with annual aggregate turnover below ₹2 crore are now exempt from mandatory GSTR-9 filing for FY 2024-25. This provides significant compliance relief for small businesses.
✅ Benefit: Small traders and businesses save time and compliance costs.
NEW
E-Invoice Threshold Reduced to ₹5 Crore from April 2026
Businesses with turnover above ₹5 crore must now generate e-invoices for all B2B transactions. The threshold has been progressively reduced from ₹500 crore to ₹5 crore over the last 3 years.
📌 Check: If your turnover crossed ₹5 Cr in any previous year, e-invoicing is mandatory.
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