In a significant development, Notification 51/2023, dated 29th September 2023, has ushered in a change that will directly impact businesses involved in the online information and database access or retrieval services (OIDAR) sector. This change is effective from 1st October 2023 and introduces a new reporting requirement, known as Table 5B, in the existing GSTR 5A form.
Table 5B and Its Implications:
Table 5B is a critical addition to GSTR 5A, and it is designed to capture details of supplies made to Registered GSTINs (Business-to-Business or B2B supplies). This reporting requirement is a significant step towards enhancing transparency and compliance in the OIDAR sector.
Immediate Implementation Details:
It’s important to note that while this change has been announced, the implementation of Table 5B is forthcoming at the Goods and Services Tax Network (GSTN). Until this change is operational at GSTN, OIDARs are advised to continue filing their returns using the existing GSTR 5A form.
The OIDAR Sector’s Role:
OIDARs are pivotal to the digital economy, and they play a crucial role in facilitating online services. This advisory underscores the evolving regulatory landscape and the need for OIDARs to stay informed and compliant with the changing requirements.
In conclusion, OIDARs should stay vigilant for updates regarding the implementation of GSTR 5A Table 5B at GSTN. In the meantime, they should adhere to the existing filing procedures to ensure seamless compliance with the new reporting standards once they are in effect. This change aims to streamline reporting in the OIDAR sector, promoting accuracy and transparency in GST filings.
