GST Compliance Calendar 2024-25: Important Dates & Deadlines

1. GST Compliance Calendar and Important Dates

Goods and Services Tax (GST) is a comprehensive indirect tax system in India that combines various taxes into one unified structure.

For businesses operating in India, understanding and following the GST compliance calendar is essential to ensure smooth operations and avoid penalties.

A GST compliance calendar outlines the due dates for various GST-related tasks throughout the year.

It helps businesses stay organized and meet their tax obligations on time.

This article will guide you through the key dates and tasks in the GST compliance calendar, helping you maintain compliance effortlessly.

2. Monthly GST Compliance Tasks for 2024-25

Monthly compliance forms the backbone of the GST system. Here are the primary tasks you need to complete each month:

• GSTR-3B filing: GSTR-3B is a monthly summary return of all business transactions. It includes details of sales, purchases, and GST liability.

• GSTR-1 filing: GSTR-1 is a monthly (or quarterly for small taxpayers) return that contains details of all outward supplies of goods or services.

• Payment of GST: Businesses must pay the GST liability for each month before filing GSTR-3B.

Here's a table outlining the due dates for these monthly tasks:

Note: For taxpayers with an annual turnover of up to ₹   5 crore, the due dates may vary based on the state of registration.

Always check the official GST portal for the most up-to-date information.

This table now provides a quick overview of each task, its due date, and a brief description of what it entails.

This format should help you understand the monthly GST compliance requirements more easily.

3. Quarterly GST Compliance Tasks

While many GST compliance tasks are monthly, some are performed quarterly. These are particularly relevant for small taxpayers and composition dealers.

Here are the key quarterly tasks:

• a) GSTR-1 filing for small taxpayers: Businesses with an annual turnover of up to ₹.  5 crore can opt to file GSTR-1 quarterly instead of monthly.

• b) CMP-08 for composition dealers: Composition dealers need to file a quarterly statement of payment of self-assessed tax.

Here's a table outlining these quarterly tasks:

Quarterly periods are as follows:

• April to June
• July to September
• October to December
• January to March

It's important to note that even if you're eligible for quarterly GSTR-1 filing, you still need to file GSTR-3B and pay taxes monthly.

For composition dealers, while the CMP-08 is filed quarterly, they must also file an annual return GSTR-4 by April 30th following the end of the financial year.

Adhering to these quarterly compliance tasks can help small businesses and composition dealers to manage their GST obligations more efficiently, reducing the frequency of filings while still maintaining compliance with tax regulations.

4. Annual GST Calendar 2024 - 25

In addition to monthly and quarterly obligations, there are important annual compliance tasks that GST-registered businesses must complete.

These annual filings provide a comprehensive overview of a business's GST activities for the entire financial year. Here are the key annual tasks:

• a) GSTR-9 (Annual Return): This is a consolidated return of the fiscal year's GST activities for regular taxpayers.

• b) GSTR-9C (Reconciliation Statement): This is an audit form required for businesses with an annual turnover exceeding ₹   5 crore.

Here's a table outlining these annual tasks:

It's important to note that:

1. The due date for these annual returns is typically December 31st following the end of the fiscal year, but it may be extended by the government in some cases.
2. GSTR-9 is mandatory for all regular taxpayers, except those with turnover up to ₹2 crore, for whom it's optional.
3. GSTR-9C is required only for businesses whose annual turnover exceeds ₹2 crore. It must be certified by a chartered accountant.
4. Composition dealers are required to file GSTR-4 annually by April 30th following the end of the financial year, instead of GSTR-9.

These annual compliance tasks provide a holistic view of a business's GST activities throughout the year.

They help in reconciling all transactions and ensuring that all GST obligations have been met accurately.

Proper preparation and timely filing of these annual returns are essential to maintain good standing with tax authorities and avoid any penalties or legal issues.

5. Special Cases in GST Return

While most businesses follow the standard GST compliance calendar, there are special cases that require additional or different filings. Here are two important special cases:

• a) ITC-04 for job work: This form is for businesses that send goods for job work.

• b) GSTR-5 for non-resident taxable persons: This return is specifically for non-resident taxable persons operating in India.

Let's look at these special cases in more detail:

ITC-04:

• This form is filed quarterly by registered persons who send goods for job work.
• It includes details of inputs or capital goods sent for job work, received back, or supplied from the job worker's premises.
• The due date is the 25th of the month following the quarter.
• Quarters are: April-June, July-September, October-December, and January-March.

GSTR-5:

• This form is for non-resident taxable persons who carry out business transactions in India without having a fixed place of business.
• It must be filed monthly, similar to GSTR-3B for regular taxpayers.
• The due date is the 20th of the month following the tax period.
• Non-resident taxable persons must also pay an advance tax based on their estimated tax liability for the period they will be conducting business in India.

These special cases highlight the complexity of GST compliance and the need for businesses to be aware of their specific obligations.

Whether you're involved in job work or are a non-resident taxable person, understanding and complying with these specific requirements is important to avoid penalties and ensure smooth business operations in India.

6. Tips for Managing GST Due Dates

Staying on top of GST compliance can be challenging, but with the right approach, you can make it a smooth and efficient process. Here are some helpful tips:

a) Regular record-keeping

Maintain detailed records of all your business transactions. This includes invoices, bills, and receipts. Organize these documents systematically, either physically or digitally. Good record-keeping makes it easier to file returns accurately and on time.

b) Using GST software

Invest in reliable GST compliance software. These tools can:

• Automate data entry
• Calculate taxes
• Generate returns
• Flag discrepancies

Using such software can save time, reduce errors, and help you stay compliant.

c) Setting reminders

Create a system of reminders for all GST-related due dates. You can:

• Use digital calendars with alerts
• Set up email notifications
• Use mobile apps designed for GST compliance

Reminders help ensure you never miss a deadline.

d) Stay updated with GST rules

GST regulations can change. Stay informed about:

• New circulars and notifications
• Changes in tax rates
• Updates to filing procedures

You can do this by:

• Following official GST portals
• Subscribing to GST newsletters
• Attending webinars or workshops

e) Reconcile regularly

Don't wait until the end of the year to reconcile your accounts. Perform monthly or quarterly reconciliations to:

• Identify discrepancies early
• Ensure ITC claims are accurate
• Avoid last-minute rush during annual filings

f) Plan for timely payments

Ensure you have sufficient funds to pay your GST liability on time. Late payments can result in interest charges and penalties.

g) Seek professional help when needed

If you're unsure about any aspect of GST compliance, don't hesitate to consult a tax professional. Their expertise can help you avoid costly mistakes and ensure full compliance.

These tips can create a robust GST compliance system for your business.

This proactive approach not only helps you avoid penalties but also contributes to smoother business operations and better financial management.

7. Consequences of Non-Compliance

Failing to comply with GST regulations can lead to serious consequences for businesses. It's crucial to understand these potential penalties to emphasize the importance of timely and accurate compliance. Here are the main consequences of non-compliance:

a) Late fees: If you fail to file your GST returns by the due date, you'll be charged a late fee. The current late fee structure is:

b) Interest charges: For delayed payment of taxes, interest is charged at 18% per annum. This is calculated from the day after the due date until the date of actual payment.

c) Penalties: GST laws provide for various penalties for different types of non-compliance:

• For minor offenses: Up to ₹25,000
• For major offenses: Up to ₹25,000 or 100% of tax evaded, whichever is higher
• For issuing invoices without supply: 100% of tax evaded or ₹10,000, whichever is higher

d) Cancellation of registration: In severe cases of non-compliance, such as not filing returns for six consecutive months, the GST registration can be canceled.

e) Legal consequences: Persistent non-compliance or tax evasion can lead to legal action, including prosecution in some cases.

f) Impact on input tax credit: Delay in filing GSTR-1 can impact the ability of your buyers to claim input tax credit, potentially damaging business relationships.

g) Audit and scrutiny: Non-compliance increases the chances of your business being selected for a GST audit or detailed scrutiny by tax authorities.

h) Business reputation: Consistent non-compliance can harm your business reputation, making it difficult to maintain relationships with suppliers, customers, and financial institutions.

Understanding these consequences highlights the importance of maintaining GST compliance.

The financial impact of penalties and interest, combined with potential legal issues and reputational damage, make it clear that staying compliant is not just a legal requirement, but a smart business practice.

How eQomply Can Help with GST Compliance?

Managing GST compliance can be complex and time-consuming. This is where eQomply, a powerful compliance management platform, can make a significant difference. Here's how eQomply can help streamline your GST compliance process:

a) Automated reminders: eQomply provides a robust reminder system that:

• Sends notifications for upcoming GST filing deadlines
• Alerts you about payment due dates
• Reminds you of other compliance tasks

This feature ensures you never miss a critical deadline.

b) Document management: With eQomply, you can:

• Store all GST-related documents in one secure place
• Organize invoices, bills, and receipts systematically
• Access documents quickly when needed for filing or audits

This centralized document management saves time and reduces the risk of misplaced documents.

c) Real-time compliance tracking: eQomply provides a dashboard that:

• Shows your current compliance status
• Highlights pending tasks
• Gives an overview of upcoming deadlines

This real-time tracking helps you stay on top of your GST obligations.

d) Data analysis and reconciliation: eQomply can:

• Analyze your GST data
• Flag discrepancies between different returns
• Help in reconciling your books with GST returns

This feature reduces errors and makes the reconciliation process more efficient.

e) Integration with other systems: eQomply can integrate with your existing accounting software, making data transfer seamless and reducing manual data entry.

f) Customizable reports: Generate custom reports to:

• Review your GST compliance history
• Analyze trends in your tax liability
• Prepare for audits

These reports provide valuable insights for better financial planning.

g) Multi-user access: eQomply allows multiple team members to access the system, promoting collaboration and ensuring continuity in compliance management.

h) Regular updates: The platform is regularly updated to reflect the latest changes in GST regulations, ensuring your compliance process always aligns with current laws.

By leveraging eQomply's features, businesses can significantly reduce the time and effort spent on GST compliance. The platform helps minimize errors, ensures timely filings, and provides peace of mind knowing that your GST compliance is being managed efficiently and effectively.

Contact us to know more!

Summary

GST compliance is a critical aspect of running a business in India. Staying on top of the various filing requirements, deadlines, and regulations can be challenging, but it's essential for avoiding penalties and maintaining good standing with tax authorities.

Let's recap the key points we've covered:

1. The GST compliance calendar includes monthly, quarterly, and annual tasks.
2. Monthly tasks typically involve filing GSTR-1 and GSTR-3B returns, along with timely tax payments.
3. Quarterly tasks are relevant for small taxpayers and composition dealers.
4. Annual compliance includes filing comprehensive returns like GSTR-9 and GSTR-9C.
5. Special cases like job work and non-resident taxable persons have specific compliance requirements.
6. Maintaining compliance requires regular record-keeping, using appropriate software, setting reminders, and staying updated with GST rules.
7. Non-compliance can result in late fees, interest charges, penalties, and even legal consequences.
8. Tools like eQomply can significantly simplify the GST compliance process through automation, real-time tracking, and efficient document management.

As GST regulations continue to evolve, it's important to stay informed about any changes that might affect your business. Regularly check official GST portals and consider consulting with tax professionals when needed.

Leveraging technology solutions like eQomply can make your GST compliance journey smoother, allowing you to focus more on growing your business while ensuring that your tax obligations are met accurately and on time.