GST Returns Due Date
The Goods and Service Tax (GST) is one of India’s biggest tax reforms allowing for more efficient Tax payment. However, one of the most critical issues that firms must manage successfully is GST returns. These returns are required for all businesses registered for GST and must be filed regularly to ensure compliance with tax rules.
In this article, we will look at important GST return due dates, the types of returns that businesses must file, and why it is important to file on time.
What are the GST Returns?
GST return is a record that taxpayers need to file with the government under the GST regime. This includes information about their income, sales, purchases, and other important details. These returns assist the Government in calculating and tracking the tax liabilities and financial operations of enterprises.
GST returns come in various formats, each with its filing deadline. The due dates of these returns vary according to the type of return and the classification of the taxpayer.
Types of GST Returns and Their Due Date
1 GSTR-1(Details of Outward Supplies): GSTR-1 Returns field by regular taxpayers include information about outbound supplies. As per the QRMP scheme it should be submitted on a monthly or quarterly basis, with the last date being the 11th of the following month or the 13th of the month following the quarter.
2 GSTR-3B(Summary Return): Under the QRMP model regular taxpayers file this summary return once a month or quarterly. The last date to file GSTR-3B is the 20th of the following month, with deadlines varying for quarterly filters depending on their state.
3 GSTR-4(Annual Return for Composition Scheme): Taxpayers under the composition scheme are required to file it annually with the due date of April 30 of the next financial year.
4 GSTR-5(Non-Resident Taxable Person): Non-resident taxable persons are required to file this return every month, either by the 20th of the following month or within 7 days of the expiry of their registration.
5 GSTR-6( Input Service Distributors): Input Service Distributors (ISDs) file this return every month, the last date for which is the 13th of the following month.
6 GSTR-7(TDS Return): Tax deductors file TDS returns monthly and it has to be submitted by the 10th of the following month.
7 GSTR-8( TCS Return): E-commerce firms are required to file this return every month to record the tax collected at source the last date for which is the tenth of the following month.
8 GSTR-9(Annual Return): Regular taxpayers submit this complete annual return by December 31 of the following financial year.
9 GSTR-9C(Reconciliation Statement): Taxpayers with an annual turnover of more than Rs 2 crore must file reconciliation statements by December 31 of the next financial year.
10 GSTR-10(Final Return): Taxpayers who cancel or surrender their GST registration are required to file this one-time return within 3 months of the cancellation or order.
11 GSTR-11(For UIN Holder): This return to be filled by individuals having a Unique Identification Number is filed on the 28th of the following month.
Tips to Avoid Missing Due Dates
Set Reminders: Set a reminder for each return using digital tools or applications.
Opt for Automation: Track and file returns on time using GST-compliant accounting software.
Stay Updated: Keep a note of notices received from GST authorities regarding extensions or changes in due dates.
Maintain Records: Organize your bills and supporting documents for easy filing.
Seek Professional Help: Hire a GST consultant or expert to ensure timely compliance.
Conclusion
Meeting GST return deadlines is a vital component of tax compliance for all businesses. Regular filing not only helps avoid penalties, but it also guarantees that your business operations continue to run smoothly. Be proactive, use technology, and seek help from experts to maintain compliance and avoid stress.
Do you need assistance with the GST return? Contact the Registration Guru right away for simple and fast GST compliance!