Working through tax affairs for many people is a hard thing but don’t worry just a little! On the subject of the due dates for GST reporting, a smart approach is to keep organized and informed and this will save you headache-free filing. Whether you’re a successful business owner or just starting in the business enterprise identifying these dates can be compared to a huge difference in not only playing in compliance but also avoiding stress.
The Goods and Services Tax (GST) plays an important taxation role in that business owners and other consumers are deeply touched by small to large businesses across several industries. It is the sales tax imposed on every item sold and the transaction, what is certain is that it is fair to every sales purchase. A big problem here is that failure to comply with the filing requirements might create an unnecessary burden, too complicated to follow without guidance.
We aim is to save you time and, most importantly, give you the information you need to make better financial decisions for your future. Here we lead you through major dates for filing your GST returns, whose process is organized into very easy to do steps and shall additionally give you information that will help you meet the deadline this easily. This resource is not only aimed at your first time filing tax returns but also for those who need a simple and quick reminder. Our resource has been designed to demystify all the complexities associated with GST filing and help you stay compliant with your tax obligations. Therefore, you and I are going to take a class on this course and no more is your fear about deadlines!
GSTR-1
GSTR-1 is a statement filed by obtainers who are registered in India and who report data about outward services or goods supplied by them. That means the amounts will be received or spent during a specific date range by the suppliers with specific invoice numbers as well as recipient information. It aims at exemption from duties such as exports, zero-rated supplies, and credit notes that are related to the transaction. Basically, through the GSTR-1, taxing authorities gain the ability to monitor all kinds of sales activities and to report them properly depending on their GST liability. On-time filing of GSTR-1 is critical to ensure the smooth functioning of GST as well as to avoid punishment and other troubles related to tax compliance.
Last Date for GSTR-1 Filing in 2024
The due date for filling in the GSTR-1 returns is March 11, 2024, for both taxpayers whose annual aggregate turnover is more than INR 1.5 crore and for those taxpayers who have opted for monthly return filing.
Waiver of GSTR-1 Late Fee
The Central Government waives the late fee payment by any registered person through the sum of INR 25 as a penalty for failing to find the outward supplies details in GSTR-1 going past the due date established in section 47 of the said Act.
Also Read: GSTR 1 Due Date And Filling Frequency: Everything You Need To Know
GSTR-3B
GSTR-3B is a summary where businesses in India declare their sales and purchase amount for each period. It’s similar to a recording that summarizes all their daily or weekly transactions. In GSTR-3B, businesses would have to mention their total sales, total purchases, and the total tax they have collected and paid. This accounting feature allows the government to audit the taxes that companies owe as well as maintain that the businesses are paying the right amount at the right time. That’s why businesses, when it comes to GSTR-3B filing, have to be correct and on time which will keep them from penalties and they will be in compliance with the tax laws
GSTR-3B Due Date
The due date for monthly filers of GSTR-3B is the 20th of March 2024. .
Due Dates for GSTR-1 and GSTR-3B
The Deadline for filing GSTR-1 under the monthly category is the 11th of the next month and under the quarterly category is the 13th day of the next month. The Deadline for filing GSTR-3 B is 20th March 2024.
Also Read: Know Your GSTR-3B Due Dates And Filing Frequency For Smooth GST Compliance
Nature of GSTR-3B: Monthly or Quarterly?
The amount of GSTR-3B the taxpayers is monthly, which implies that such taxpayers file forms monthly. The deadline to respond with GSTR-3B is normally on the 20th of the month (next month). To illustrate, the customary GSTR-3B filings for January would be within the 20th of February. The bi-monthly filing of GSTR-3B makes it a more accurate timeframe to measure tax totals and input credits unlike the quarterly returns. A Monthly self-declaration form helps tax authorities to better monitor and control tax payments and tax collection.
Calculation Method for GSTR-3B
Calculation of GSTR-3B involves a series of steps resulting in input tax and the tax liability of a tax period, for a specific tax period.
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Determine Outward Supplies:
Commence by totaling the amount of outbound purchases that were produced during the tax period. This consists of both buying products and services.
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Compute Taxable Value:
Starting from the aggregate supply figure, subtract from the total supplies the exempt transactions, nil-rated supplies, and non-GST supplies to get to the taxable value.
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Calculate Tax Liability:
Use the appropriate rates of GST on the taxable value for each category to calculate the GST amount. Separated tax calculations are carried out for intra-state and inter-state supplies.
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Input Tax Credit (ITC):
Ascertain the total applicable input tax credit credit that is available for the given tax period. Hence, the purchase of goods and services for business is taxable at the rate of ITC provided it meets certain conditions and other provisions.
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Adjustments:
Gear up for any refunds or ITC disallowances they may happen due to the disallowance of the ITC on certain expenses such as food, beverages, and personal household items.
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Net Tax Payable or Refundable:
Compute the difference between the total input tax credit and the total tax liability, then you will conclude the net tax payable or refundable amount.
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Payment of Tax:
In the case of having a net tax due, the taxpayer must pay this amount to the government within the prescribed time frame in most cases, which is mostly by the 20th of the next month. In case if export activities have generated tax credit exceeding that available, it can either be claimed as a refund or it can be carried forward to the subsequent tax years.
It requires the taxpayers to conduct the appropriate deductions and observe the rules on the goods and service tax to avoid fines and interests. It should be noted that the reconciliation of GSTR-3B data by GST return with other financial records is recommended at intervals for the maintenance of accuracy and consistency in tax reporting.
Late Fee for GSTR-3B
The late fee for GSTR-3B filed beyond the due date is an imposition on taxpayers for not filing GSTR-3B returns within the allotted time. These are penalties. As per GST rules being implemented in India, the late fees for uploading GSTR-3Bs is generally Rs. Rs. 50 per day for each of CGST and SGST/UTGST during every late day for a total of 200 rupees if the return is filed after the due date unconditionally.
If there could be any tax liability for the period covered by GSTR-3B, which is I mean, if the person has earlier delayed the filing, late filing of the return may also attract interest charges on the outstanding tax amount.
Also Read: Penalties and Late Fees for GSTR-3B Filing
Late Fees on GSTR-1 and GSTR-3B
A late fee is incurred for filing GSTR-3B of a tax period past the due date.
It is levied as follows:
- Rs. 50 additional days for a delay.
- Rs. 20 per day of delay for the taxpayers who have nil tax liability for the month.
Payer of GSTR-3B
Whoever makes the GSTR-3B statement is the person or entity required to file the GSTR-3B return with the authorities. The GSTR-3B is a monthly summary return format, that all the taxpayers that are compulsorily registered under the Goods and Services Tax (GST) regime in India, are required to have to file. On this account are the records of inward and outward supplies and the ITC claimed, and then tax liability. In the status of GSTR-3B payment, the payer is generally the same registered taxpayer who is obliged to be in line for GST, and who is supposed to fulfill his or her obligations (pay taxes correctly and on time) by proper submission of GST returns.
GSTR-9 and GSTR-9C
GSTR-9 and GSTR-9C are the primary GST returns of the financial year and are filed by registered taxpayers in India.
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GSTR-9
GSTR-9 and this is commonly referred to as the Annual Return is the most detailed summary of all monthly/quarterly returns in the Financial Year by a GST registered taxpayer. In this regard, it considers aspects of both the inward and outward supplies, ITC availed, briefly describes taxes paid and provides other financial details. It is a mere summary of the taxpayer’s GST in a single whole financial year.
Last date of Filing GSTR-9
The last date for submitting GSTR-9 for the financial year 2023-2024 would almost always be 31 December 2024.
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GSTR-9C:
GSTR-9C is a reconciliation and audit report of the GSTR-9 for the suppliers with turnover more than the specified upper limit. Both of them need to be filed simultaneously. It can be said to have an audit by an accountant of chartered or cost to ensure as factual as possible information provided in the GSTR-9. Statement of Annual Reconciliation (GSTR-9C) combines the numbers reported in their annual return (GSTR-9) with their year-end accounts. It is these problems that allow data sets to be compared with each other and the differences to be identified.
It is GSTR-9 and GSTR-9C that perform a significant part in the GST compliance and the provision of transparency as regards the financial reporting for the registered taxpayers (GST registered taxpayers) in India.
Last date of Filing GSTR-9C
The last date for submitting GSTR-9 C for the financial year 2023-2024 would almost always be 31 December 2024.
| Return Name | Due Date |
| GSTR-1 | 11th of the Following Month (11th March 2024) |
| GSTR-3B | 20th of the Following Month ( 20 th March 2024) |
| GSTR-4 (Quarterly) | 18th of the Following Month after the Quarter |
| GSTR-9 (Annual) | 31st December of the Subsequent Financial Year |
| GSTR-9C (Annual Audit) | 31st December of the Subsequent Financial Year |
Ensuring Compliance: Tips for Timely Filing
To streamline the GST return filing process and avoid last-minute hassles, businesses can adopt several best practices: To streamline the GST return filing process and avoid last-minute hassles, businesses can adopt several best practices:
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Maintain Accurate Records:
Auditing all the records of financial transactions, which includes the invoices, receipts as well and expenses, it is easy to prepare the goods and service tax return.
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Leverage Technology:
Being equipped only with GST-integrated accounting software i.e. computing tool that makes it easier to keep track of records and automates various compliance responsibilities by reducing the chances of mistakes all the more so that businesses can go on smoothly.
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Stay Informed:
Operationally, monitor updates and GSTN portal notifications to stay informed of the changes in filing procedure, due dates and compliance requirements regularly.
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Seek Professional Assistance:
Utilizing highly experienced tax professionals or industry consultants plays a big role in helping with getting the right advice and meeting the regulations.
The risk can be controlled and the operation can be made effective through persistent execution methods and striving to be proactive in GST compliance.
Conclusion
Keeping in mind all the key dates for preparing and filing your GST returns is one of the key factors for efficient business processes. Therefore, your main pending duty is to keep up with the crucial GST filings due dates and you can rest assured that your business will not suffer as a result of this. Being on time when it comes to GST return submission is one of the most important aspects that define whether your business runs smoothly or not. Managing those dates for GST returns submissions very closely is a must if you want to make your business run smoothly. Keeping in mind all the key dates for preparing and filing your GST returns is one of the key factors for efficient business processes.
Also Listen: GSTR Filing Process with CaptainBiz – Tutorials
FAQ
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What am I to do with my GST returns in case I miss the due date for filing my GST returns?
The most important thing is filing GST returns before the due date ends and the little matter of consequences which are often very serious. It may cause penalties, like penalties for a late deadline and interest costs, to be set by tax authorities. Besides, overwhelmed filings may disturb a firm’s cash flow and impede operations inside the business as well.
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Is there any way I can use it to evade the GST returns deadlines for filling those returns?
To avoid being late paying tax liabilities, a proactive approach is required to stay on course in fulfilling all the required tax obligations. This shall comprise keeping notes, documenting each transfer in accurate detail, and utilizing technology to automate the filing. Procuring the needed help of professionals only helps when the submission is timely.
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What are the effects of the GST returns that are delayed after their deadlines?
Documents not received on time will attract the penalties introduced by the relevant tax authority. Hence they (penalties) normally consist of late fees or interest charges which create an unwanted liability and damage the financial structure of the business. Meaning, that tax administrators can exercise more scrutiny from the side of late filings and, consequently, there may be audits or investigations.
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Is it possible to apply for a postponement of my GST filing due date?
To take into account the peculiar cases, the taxpayers may be offered the opportunities to get the extensions of filing the GST returns. Notwithstanding, these demands can only be approved by the competent tax authority while specific treatment is given on a case by case basis. Being able to corroborate your approval and asking to present adequate and appropriate documentation is that important.
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What happens when a habit of failing to file the tax returns on their due dates becomes a pattern?
Repeated delays in deadline submission for GST returns can impose severe penalties on businesses largely. Besides paying much to settle the fines and penalties, it can weaken the relations with the tax office and lessen the business company’s reputation.
More importantly, extensions may result in police measures and canceling or even suspending the GST registration companies.
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How can I manage to file my GST returns by the fifth day of the month of the succeeding month amid all my other intricate priorities and busy schedules?
Good filing and timely GST returns dependency need effective time control and goal setting for priority tasks. There must be a set time for all the tax filed related activities, and you will also need to set some reminders to avoid any late filing. In case of any confusion or overwhelm, split the tasks between you and the other person involved to get things done. The same can be true when we adopt advanced technological solutions and file processes through computers that make it easier for business owners.
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What if it’s discovered later that I made errors or discrepancies in my GST filed returns after the return date?
It is important to correct errors and discrepancies present in the field goods and services tax (GST) returns in due time even if these errors or discrepancies are revealed after the due date. It is possible to do this by filling in corrections in the revised return or by submitting all the needed corrections through the GST portal. However it would be sensible to get help from professionals who will guarantee causation of the rules that regulate the market.
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Is failure to follow proper documentation for return submission left out?
Submitting the wrong GST returns could lead to penalty fees. In the case of the mistakes being recognized as intentional and fraudulently, these are the biggest penalties. The penalties could include fines, extra interest charges and even legal repercussions for the gravity and maliciousness of the noncompliance. Accurate utilization of GST should be the aim. As returns are prepared and filed, caution and precision are of utmost importance.
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What resources are there to support me with GST online VAT return filing understanding and observing the laws?
One of the advantages that taxpayers have is the various tools and resources that can be employed to make accounting for GST return filing similar and easy to understand. This can be done through the websites of the government, information booklets, video presentations, as well as by the tax advisors. Online forums and communities, as one of the other ways, however, may offer different perspectives that add up to your understanding and provide support from people who struggle with the same issues.
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What actions can I undertake to make sure that I file GST returns on time during my busiest time of the year , end-of-year festive season?
Enforcing the GST return filing deadlines compliance particularly in the periods of highest business activity (Christmas, December) and holidays involves a thorough strategy and a proactive measures application. One of the success strategies would be to estimate an increased workload and brush aside the situation by considering the existence of other supplementary or supportive resources that could be drawn on to take care of the extra work if necessary. Allotting time for tasks, letting go of tasks that you cannot complete, and establishing good deadlines among our tax compliance efforts will help reduce the impact of the busy seasons on our tax compliance efforts. As well as utilizing automation tools and scheduling software can lessen processes and ensure the deadline is always met as the timeline of events is tight.
