The GST Calendar 2024 is here to help you ensure your business remains GST compliant in the new year without inconveniences. This is why we have mapped all the GST returns, payment, and annual filing deadlines so that they do not overwhelm you. That is why we have designed a wonderful and easy calendar to relieve all your stress and confusion. Some of the dates you will find on this calendar include all the key GST filing dates for the entire year. It also has crisp timely alerts of monthly/quarterly/annual returns and reviews such as GSTR-1, GSTR-3B, etc., and other compliances. With these reminders, one will never be in the dark on what is to be done or might offend deadlines hence no stress or penalty.
The best part? This one is organized in a way that makes it easy to understand the content presented. Every month, one has an idea of what needs to be done and when and therefore there is no cause to worry. This calendar is suitable for any size business that you may own for a large or small corporation organization. Our view is that there is no excuse in making GST compliance a hard process all the time. This means with the GST Calendar 2024, all your important dates and requirements will be made available for you to access hence more time is spent on managing the business instead of having to seek for extra information. Happy New Compliance 2024 a year of easy GST compliance and let’s aim for worry-free GST management. As you can see from this calendar, it has never been easier to stay organized and in compliance. Set yourself up for an easy GST filing experience and reach your business objectives here.
GST Compliance Calendar – January 2024
Goods and Services Tax (GST) is a complex and ever-evolving area in which compliance can make or break an enterprise. The business calendar for the behalf of GST regulation in India opens up a chapter of some crucial activities in January 2024 marking the onset of the New Year. Your one-stop solution to the complexities of GST, the GST Compliance Calendar outlines all operational and reporting requirements while demonstrating how the smart use of these legislations can lead to business gains.
Small taxpayers have to submit their monthly or quarterly GSTR 1 form in January to avoid penalties. Along this line, you can get acquainted with the full information on everything that has to do with the form of GSTR 1 from our sources. As the GSTR-9 filing deadline is 31st December for a financial year, for all those taxpayers who have not filed their GSTR-9 for the financial year 2022-23, the time is ripe now. Below, we equip you with useful information regarding the GSTR 9, and categories, applicability, preparation and filing and mistakes to avoid.
From third January 2024, each taxpayer has to file their taxes as the due date for filing GSTR 3B and GSTR 5A without any penalty. GSTR 5 form due date is 13th January 2024 for December 2023. Compliance requirements are paramount. As we usher in the New Year, January 2024 unfolds a chapter of essential activities for businesses to navigate seamlessly through the landscape of GST. Our comprehensive GST Compliance Calendar serves as your compass, ensuring you not only meet your obligations but also leverage business opportunities for efficiency and growth.
Taxpayers must fill in their monthly or quarterly GSTR 1 form in January to avoid penalty charges. In this regard, you can read our guide on everything you need to know about form GSTR 1. Since 31st December is the due date to file GSTR-9 for a financial year, taxpayers who haven’t yet filed their GSTR-9 for FY 2022-23, now is the time. Every taxpayer must file their taxes as of 20th January 2024 which is the due date for the filing of GSTR 3B and GSTR 5A without penalty. GSTR 5 form due date is 13th January 2024 for the month of December 2023.
This month, we have proactively offered several live webinars for businesses and taxpayers, with more of those scheduled for January of next year.
GST Compliance Calendar – February 2024
February was a crucial month for the Indian GST System where important updates and notifications related to the taxpayers were made. It was in February also that the Finance Minister, Nirmala Sitharaman laid down the budget measures for the remaining part of the fiscal year, presenting the Interim Budget 2024- 2025. Also, we appreciate how tax professionals today are always encountering more sophisticated laws, rules and even bills. In such cases, there is no better solution than to adopt the Accounts Payable Automation solution.
February in India is a month of active fests, economical processes and shifts in the business map. The Union Budget 2024 is scheduled to be tabled in the first week of February which lays out the roads maps for economic activities of the year. Companies blissfully anticipate policy updates every so often and other financial strategies that might affect them. Further, this year the government is expected to roll out the GST 2.0.
During the festive mood of Basant Panchami, Maha Shivaratri and the colors of Holi what catches the maximum eye is the Union Budget. It explains the roll out of major programmes and activities, direct and indirect tax structures and; budgetary provisions by areas of economic activities affecting business propositions and cost control.
Moving in the discussion of recent developments, there may be the probability that GSTN will reveal schedules of the next GST Council Meeting. They are expected to take place in February after the release of the Union Budget.
In the domain of IRIS GST we have been performing several webinars for the enterprises and quantity The BFSI sectors. The next webinar titled ‘Analysis of Industry Practices in Sustainability Report for Financial and Environmental Effectiveness’ will be held on the 6th February, 2024.
Besides due date to file GSTR-1 for February 2024 (Monthly) and GSTR 3B for February 2024 (Monthly) .GSTR-5A-OIDAR Services due today is the 11th up to which the return must be filed and the 20th up to which the return can be filed. Please bear in mind that compliance is not only a legal requirement but a fundamental way through which entities can run sustainable businesses within the developing GST environment.
On the subject of taxation, compliance with GST continues to be a significant concern. To assist you in staying complaint, we have come up with a detailed picture of the GST Due Dates February Calendar or GST Compliance Calendar. It has all the GST Due Dates of February 2023 so that you don’t miss any single GST due date of February 2024.
GST Compliance Calendar – March 2024
With the beginning of March there is only one more month left before the end of practically all financial years. March also brings the end of an accounting period and contains important elements of identification and planning.
Perhaps because March is the end of the financial year, this awareness draws attention to sound financial practice and the need to make the correct choices. It remains a rather vague transitional period during which people and societies are preparing for changes and the circumstances itself open up new possibilities for further development.
As every month, allow this compliance calendar to be your compass to the labyrinth of GST laws. By ensuring that filings are submitted on time, records kept clean and compliance procedures followed keenly you protect your business from incurring fines while at the same time creating a culture of compliance.
March was remarkable in the Indian GST System which widened and updated the many important notifications for the taxpayers. As you are aware, March is the end of the financial year, so the article Year-end GST Checklist 2023-2024 is useful in tackling the intricacies of GST norms and taxes. Further, GSTN uploaded few advisories cum updates on the working of the portal for its practical enforcement by the taxpayers. Would you like to be updated on all the latest GST news that has cropped up within the past few days? We’ve made it easy for you. Also, GSTN’s latest update on the launched Integration of E-Waybill system with new IRP portals was appreciated by most of the businesses.
The advisory expounds on the features of the integrated E-Waybill system with the new Invoice Registration Portal (IRP) portals and assures the stakeholders a better coordinated and streamlined methods of dealing with e-waybills.
However, the decisive moment arrived when India was gearing up for the General Election in 2024 and doubts emerged over the holding of the next GST Council meeting. Being a GST Consultant for you and as you are focused towards compliance.
Also Read: GST Compliance Calendar for March 2024
GST Compliance Calendar – April 2024
With the beginning of the new financial year in April it also means new challenges and opportunities for businesses and taxpayers across the country. Affords a perfect opportunity to map out strategic planning and budgeting in the framework of GST compliance in business. That is why it is crucial to expect and analyze the changes in rules, and their enforcement, as well as to include these changes in the business analytics and plans. What this means is that compliance considerations are addressed strategically when formulating business strategies; firms improve flexibility and responsiveness when dealing with a constantly changing legal framework.
As have always been done, please allow this your compliance calendar to be a guide to ensure compliance to legal provisions for the month in question. Knowledge of the existing legal requirements and following set time lines will assist avoid penalties thus facilitating running.
GST Compliance Calendar – May 2024
Specifically in may 2024 the following critical GST compliance and returns will be due for business across all the sectors. This calendar is your success plan, offering an extended monthly map of the most significant events and processes related to GST compliance. Understanding of the legal requirements governing such processes will enable the business to avoid operational hitches associated with non-compliance to laid down time frames.
Also, the GSTN came up with few advisories and updates on the operation of the portal for taxpayers to apply.
The gem of all returns is GSTR-3B which is a monthly return for summary of sales, purchases and input tax credit. By explaining about the requirements of GSTR-3B, its due dates, calculations of input tax credit, and reconciliations you can reduce the complexity in dealings of your taxes under GST laws.
Non-compliant and irregular businesses may face the cancellation of their GST registration, adding yet another challenge for them. when vendors’ GST registration numbers are cancelled due to their non-compliance, they may have to reverse the previously claimed ITC.
This issue is considered to be particularly unbeneficial as it relates to the Working Capital Availability Index. Additional working capital is necessary for many firms to meet their tax obligations on time and to note the times when it can recover reversed ITC.
However, getting current with portfolio companies also presents great difficulties to those that invested in equity. Lack of contacts integrated into the organization combined with the decentralization of business spheres, differing industries having different performance indicators, and a stimulating speed of the start-up environment require creative approaches to the management of work processes and outcomes. As regulation functions and reporting move into the era of using digital technologies, abundant streams of actual time data appear, and the spectrum of potential decisions appears entirely unbounded.
GST Compliance Calendar – June 2024
In GST India updates, the business concern must adhere to the regulations of the Good and Service Tax in India as we begin the month of June 2024. This GST compliance calendar shows the various filings and payments which are required to be made at what times, so there is no lapse in compliance to the laws and resulting penalties are avoided. The major GST returns to be furnished for June 2024 include GSTR-7 & 8 (due June 10 TDS & TCS), GSTR-1 (outward supplies for taxpayers with turnover exceeding ₹5 crore & those opting out of the QRMP scheme, due June 11), GSTR-6 (Input Service Distributors), GSTR-3B To remain compliant with GST laws, it is essential to file returns and pay the amount on or before the due date for non-payment of taxes leading to computation of interest and penalties.
Ensure you clear your books with what you have filed at least once a week, you may find conflicts. Taxpayers under QRMP scheme must ensure that they make their PMT-06 payment particularly for the initial two months of operation of each quarter responsibly. Also, proper documentation and records retention should reach compliance and audit standards among the areas.
It presents the conditions under which detailed reporting of ITC availed, reversed, and other related sections in GSTR-9 have to be covered. The importance of accurate reporting of ITC, timely reconciliation with GSTR-3B returns, and maintenance of proper documentary records to avoid mismatches and penalties. Following these guidelines can assure better accuracy, efficiency, and compliance in your ITC reporting.
Benefits and Challenges in the Re-Filing Process
- It informs how this new form improves the accuracy, reduction in penalties, better ITC matching, and hence makes easier reconciliation and increased transparency.
- It even covers the challenges one faces with this such as the implementation complexities as well as limited correction windows, potential misuse, increased compliance burden, and technical issues.
- Understanding these aspects can help one better navigate the re-filing process, keep compliance, and maximize GST reporting.
- The last date for Income Tax Return (ITR) filing for FY 2023-24 (AY 2024-25) without a late fee is 31 July 2024.
GST Compliance Calendar – July 2024
July 1st is undoubtedly that special day marking India’s 7th anniversary of implementing the Goods and Services Tax. The GST Act was passed in Parliament on March 29, 2017, and came into force on July 1, 2017. The move toward the GST regime has been something really revolutionary featuring major introductions like- E-way-bills, E-invoicing, GSTR Forms, digitization of audits, etc. With the arrival of the monsoon, July signifies the onslaught of important updates and deadlines commencing the second half of the financial year 2024. On June 22 last week, the GST council met for a 53rd GST council meeting which introduced a conditional waiver of interest and penalties under Section 128A, reduced amounts for pre-deposit needed to file an appeal, and relaxed conditions for compliance for taxpayers. The forum also extended the deadline for GSTR 4 filings and instituted FORM GSTR-1A for easier amendments.
Foremost in the minds of enterprises is being proactive in terms of compliance with GST, avoiding penalties, and ensuring the smooth running of operations. The July 2024 GST Compliance Calendar serves as a handy guide, keeping you informed and prepared for the upcoming dates.
Category 1
- States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh
- Union territories: Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep
Category 2
- States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha.
- Union territories: Jammu and Kashmir, Ladakh, Chandigarh and Delhi.
For your convenience, here is the complete GST Compliance Calendar of July 2024 designed to help you remain compliant, as well as keep track of your tax responsibilities. The calendar comprises all essential due dates for GST filings that must never be missed.
GST Compliance Calendar – August 2024
August in India is characterized by a peak monsoon, full of green fields, celebration moods and midway frenzy in businesses. At the onset of the second half of the year, companies are reminded to work doubly hard to catch up with annual targets. It usually results in a busy, lively-auction house for almost all businesses. Retail and manufacturing businesses scale up activity to convert possible opportunities for sales highs due to the festivities imminent in the coming months.
Raksha Bandhan, Krishna Janmashtami and Independence Day all combine to create an excitement of celebration, culture and national pride in August. On the GST front, multiple GST Notifications and Circulars have been released by CBIC stating updates on the law. The government announced their Union Budget 2024 on July 23, 2024 following their re-election. Nine big priorities were laid down in the budget by the finance minister.
GST Compliance Calendar – September 2024
This is the end of the Indian monsoon and the beginning of lively spring after the September new fiscal half of many businesses. This is also the time of year when festivals are celebrated, such as Ganesh Chaturthi and Onam, which often bring people of different communities together in displaying their culture and traditions. For the business world, September marks the end of the first half of the fiscal year and the time when financial assessments and plans are made.
The shopping spirit around festive time usually creates a progressive tendency for businesses, especially those under retail and hospitality sectors.
GST Compliance Calendar – October 2024
October in India has the energy of the festive season while it is coupled with cool weather to shape a business environment filled with increased consumer activity. October is a more or less religious month with festivals such as Dussehra, Durga Puja, and Diwali.
These festivals can lead to the cultures coming alive and enlivening a lot of economic activities. Increased consumer spending-notably on retail, e-commerce, electronics, and automobiles-is pretty much a mainstay of the US festive season. However, with all the fun and activity, companies now need to manage cash flows and file taxes timely concern into making October a month of celebrations and juggernaut in financial operations.
GST Compliance Calendar – November 2024
The month of November is the month of the year and brings around its peak in festivities such as celebrations, business events, and preparations for the next year. Businesses see an influx of festivities in this month as it comes with an increasing demand in retail and e-commerce, as well as in services for the upcoming Diwali and other festivities.
This massive demand observed by the companies is related to the huge stocking and setting up of logistics as well as the entire annual planning for year-end goals.
GST Compliance Calendar – December 2024
And this is December 2024-the month of joy and all Christmas celebrations around the world. Well, December brings winter and the joyous occasion of Christmas here in India. For enterprises, this is the time when they hold critical year-end closure work with sales during festivities, closing the financial books, and the deadline for GST compliance.
Companies will be advising on strategies for optimizing inventory, finalizing budgets, and preparing to start the New Year on a strong note.
Conclusion
The most critical thing now is to remain organized and proactive as are the coming months for GST compliance deadlines. Be it preparing invoices, returns reconciliations, or deadlines – a little planning goes a long way. Let’s check all tasks and commitments on time to comply and avoid penalties. After all, smooth compliance today is in any case a stress-free tomorrow. Update your calendar, and you’re all set to stay ahead.
Also Read: Important GST Due Dates 2024: Don’t Miss Out!
GST Compliance Requirement Checklist for the New Financial Year
Also Listen: Understanding the provisions of TCS (under GSTR-8)
FAQs
-
What is the importance of consulting the GST compliance calendar?
Following the GST compliance calendar will help a business meet all GST deadlines, ensuring there are no penalties, and keeping it updated with tax obligations.
-
What are the major dates that need to be remembered for GST compliance?
Key dates are filing of GST returns (like GSTR-1, GSTR-3B, etc.), payment of taxes, and other related filings. The exact date depends on the type of business and how often GST returns are made.
-
What happens if I miss a GST compliance deadline?
In case of a delay in meeting the compliance deadline, it may lead to a penalty and interest in addition to legal action against the taxpayer; hence, timely filing is important.
-
Are the small businesses required to comply with the GST compliance deadlines like large businesses?
In the scheme, there will be some small businesses that may have to deal with the different compliance timelines depending on their turnover or the GST scheme they are under (like the composition scheme). Check your specific rules.
-
Can I file my GST returns too late?
You can file the returns at a later date, but you will incur late charges as well as interest. It is advisable to file returns at the right time.
-
How can I be able to keep track of GST compliance dates?
One can keep track of important dates in GST compliance through accounting software, reminders, or a quick reference to the GST compliance calendar at regular intervals.
-
Are there any exemptions from GST compliance deadlines?
In certain scenarios, the government may announce an extension in deadlines for cases such as calamities or technical faults. For any such updates, keep an eye on the notifications from GST authorities.
-
What are the major GST compliance deadlines?
Some of the main compliance deadlines of GST, as far as important returns would be concerned, include filing GSTR-1 (sales return), GSTR-3B (monthly return), and GSTR-9 (annual return). They differ according to the type of business and turnover. Generally, GSTR-1 is due by the 11th of each month and GSTR-3B is due by the 20th. Always check the specific dates relative to your business.
-
What will happen if I miss the GST compliance deadline?
Answer: Missing a GST deadline implies a penalty as well as interest charges. For instance, delay in filing returns incurs a late fee, while delay in making tax payments leads to interest charges. Therefore, stay on utmost with your compliance dates to avoid these extra costs.
-
How do I keep organized and track GST deadlines?
Answer: You can be organized using accounting software that integrates GST filing, or you could set up calendar reminders. Many businesses also prepare a checklist so that important documents and filings are accounted for before every deadline. A good practice is also regularly checking the GST portal for updates.
