GST RETURN FILING: A Comprehensive Guide
Table of Contents
Introduction
The introduction of Goods and Services Tax (GST) marked a significant milestone in India’s tax landscape. This comprehensive reform streamlined the taxation system by replacing multiple state and central taxes, thereby simplifying compliance for businesses. Ensuring a seamless GST return filing process hinges on understanding and adhering to the crucial dates associated with it. In this blog, we present a thorough guide to these indispensable GST return filing dates.
GST Return Filing
GST returns serve as the primary means of reporting a business’s financial activities to the government. The frequency of filing GST returns is contingent on the taxpayer’s type. Below, we outline what is the Due Date for Filing the GST Returns:
- GSTR-3B:
The GSTR-3B, a key return form, demands attention for timely submission, typically falling on the 20th of each month. Failure to adhere to this deadline may result in penalties and repercussions for businesses. To avoid any complications, businesses must diligently prepare and file their returns by the stipulated date. This not only ensures compliance with regulatory requirements but also reflects a commitment to financial transparency and responsibility. Stay on top of your tax obligations by marking the GSTR-3B due date as a non-negotiable on your business calendar.
- GSTR-1:
GSTR-1 is a monthly or quarterly return, dependent on your turnover. Monthly filers must submit it by the 11th of the following month, while quarterly filers have until the 13th of the following month.Every duly registered taxpayer is mandated to submit the GSTR-1 return on a monthly or quarterly basis. This report encapsulates a comprehensive overview of all transactions involving taxable supplies and goods.
- GSTR-4:
Geared towards composition scheme taxpayers, this return is filed quarterly and should be submitted by the 18th of the month following the quarter.
- GSTR-5:
Non-resident foreign taxpayers are mandated to file GSTR-5 by the 20th of the ensuing month.
- GSTR-6:
Input Service Distributors (ISD) must file GSTR-6 by the 13th of the subsequent month.
Annual Return Filing
Apart from the regular monthly or quarterly returns, taxpayers are obligated to file an annual return. The typical due date for the annual return is December 31st of the subsequent financial year. It’s noteworthy that this due date may vary, so it’s prudent to keep an eye on the latest notifications issued by the government.
TDS and TCS Return Filing
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are additional components of GST, necessitating periodic filing. The due dates for TDS and TCS returns are usually within ten days following the end of the month in which deductions were made.
Late Fee :
Should you miss the GST filing due dates, you may incur a late fee. The late fee for GSTR-3B amounts to INR 50 per day for Central and State tax, while GSTR-1 attracts a late fee of INR 100 per day (CGST and SGST combined), culminating in INR 200 per day.
Conclusion :
Understanding and adhering to the essential dates for GST filing is paramount for maintaining compliance with tax regulations. Failing to file returns promptly can lead to penalties and legal repercussions. It is vital to stay abreast of these dates and establish a system or seek professional guidance to streamline the GST filing process. Keep in mind that the GST Council may periodically revise these dates, underscoring the importance of staying updated with the latest notifications to avert last-minute complications. Adhering to GST filing dates is not only integral for your business’s success in the competitive Indian market but also for contributing to the nation’s economy.
