GST Compliance Calendar for March 2024

March is the final month of the fiscal year 2023-24. Therefore, enterprises and consumers must keep track of their compliance responsibilities to ensure they follow the country’s legal and regulatory frameworks. March is a significant month in terms of compliance since it marks the end of the fiscal year and the start of the next one.

We have developed a Compliance Calendar in two parts: a Compliance Calendar for GST due dates in March 2024 and a Compliance Calendar for Income Tax Returns such as TDS Certificate, PF, TDS cum challan certificate, and so on for March 2024.

Important due dates for the GST Returns in the Month of March, 2024

Essential due dates for the Income Tax Compliance / PF / ESI in the Month of March, 2024

Overview of the GST Return Filing Structure

Regular taxpayers

Businesses and professionals registered for GST must file GST returns in forms GSTR-1 and GSTR-3B every month if their yearly aggregate turnover exceeds Rs.5 crore (Rs.1.5 crore until December 2020). The remaining taxpayers, on the other hand, were given the option of filing GSTR-1 quarterly while continuing to file GSTR-3B monthly till December 2020.

From the first quarter of January 2021, taxpayers with an annual turnover of up to Rs.5 crore may opt for the QRMP scheme, which allows them to file both GSTR-1 and GSTR-3B once per quarter while continuing to make a monthly anticipated tax payment. An Invoice Furnishing Facility (IFF) has also been made available for quarterly GSTR-1 filers to upload documentation related to their B2B external supplies. In the interim, auto-drafted forms such as GSTR-2A and GSTR-2B will assist taxpayers in claiming their qualifying input tax credit on their GSTR-3B.

Also Read: GST Annual Return Filing For Registered Regular Taxpayers

Annual GST Return Deadline for GST Calendar 2023-24

GSTR-9

The GSTR-9 is an annual return that contains a consolidated summary of all GST returns filed for the fiscal year. The deadline for filing GSTR-9 for fiscal year 2023-24 is December 31, 2024.

GST Payment Due Dates for Calendar 2023-24

GST Payment for Regular Taxpayers

The GST return due date for ordinary taxpayers in FY 23-24, including monthly self-assessment tax, is the 20th of each month. Payment should be made using Form GST PMT-06.

GST Payment for Composition Taxpayers

Composition Scheme taxpayers are required to pay GST quarterly. The GST payment due date for the first quarter (April to June 2023) is July 18, 2023.

Also Read: Crack The Code: Your Comprehensive FY 2023-24 Tax Compliance Calendar

Important Compliance Issues for March 2024

A proactive and structured Compliance Calendar is your guide to a successful and compliant journey. As March begins, be sure your company is ready to face the changing world of tax, labor, and industry-specific rules. By incorporating these concerns into your Compliance Calendar, you are not only addressing legal duties but also preparing your firm for long-term success in a dynamic business climate.

Tax Season Kickoff:

In many jurisdictions, the tax season starts in March. Make sure your Compliance Calendar includes dates for filing various tax papers like TDS returns, GST returns, and advance tax payments.

Employee Provident Fund (EPF) Updates:

Keep an eye out for modifications or amendments to EPF rates or regulations. Update your Compliance Calendar to reflect EPF contribution dates and any changes in contribution percentages.

Statutory filings and returns:

Check the timeframes for statutory filings pertaining to your sector and locality. Include these deadlines on your Compliance Calendar to avoid last-minute rushing and potential penalties.

Labor Law Revisions:

Stay updated about any changes or modifications to labor laws at the federal or state levels. Update your Compliance Calendar with the most recent information to guarantee that you are in compliance with all employment requirements.

Health and Safety Compliance:

Check for any revisions to health and safety legislation, particularly those concerning workplace safety and employee well-being. Schedule safety audits and training sessions as needed, and update your Compliance Calendar with these assignments.

Industry-specific regulations:

Compliance requirements may vary by industry, including finance, healthcare, and information technology. Customize your Compliance Calendar to incorporate industry-specific duties, certifications, or audits due in March.

Contract Renewal and Agreements:

Examine contracts, agreements, and licenses slated to expire in the future months. Prepare for contract renewals or negotiations by including timely contract management reminders on your Compliance Calendar.

Environmental Compliance:

Keep up to date on any environmental compliance standards that apply to environmentally sensitive industries. Include duties related to environmental impact assessments, trash management, and emissions reporting in your Compliance Calendar.

Other Important GST Dates in the GST Calendar 2023-24

The following are the other major dates on the GST calendar for FY 2023-24:

GST E-Invoicing Implementation for Certain Taxpayers

E-invoicing, which electronically validates B2B invoices, is gradually being expanded to include more taxpayers based on yearly turnover. In the GST Tax Calendar 2023-24, certain enterprises with an annual turnover more significant than a specific threshold may be obliged to issue e-invoices and report them to the Goods and Services Tax Network. The government will notify these taxpayers of the precise GST return due date for FY 23-24 in order to execute e-invoicing.

GST Council Meetings

The GST Council, which includes officials from both the central and state governments, meets on a regular basis to discuss and make decisions on different GST-related issues. Taxpayers should keep an eye out for notifications about GST Council meetings, as rate adjustments may have an impact on their businesses.

Amendments and Notifications

The government issues Important GST Dates 2023-24, changes, circulars, and notices about GST laws on a regular basis. These updates may address changes in tax rates, compliance requirements, input tax credit rules, or other GST-related issues. Taxpayers must stay informed about such notifications and ensure that their company activities are in line with the most recent GST legislation.

GST Refund Application Dates

Taxpayers who are entitled to GST refunds, such as exporters or those who have accumulated Input Tax Credit, must submit refund applications within specific time frames. Missing the deadline could result in delayed or refused refunds. The due dates for filing GST refund applications will vary depending on the refund category and will be announced via official notifications.

GST Compliance Training and Awareness Programs

In the GST Tax Calendar 2023-24, the government and other tax authorities may hold GST compliance training and awareness programs for taxpayers. These programs aim to educate businesses on GST legislation, improve compliance, and answer any questions about GST filing and procedures. Businesses should actively participate in such seminars to gain a better understanding of GST obligations.

Reverse Charge Mechanism (RCM) Compliance

Certain designated goods and services are subject to the Reverse Charge Mechanism, which requires the recipient to pay GST to the government. To guarantee compliance, taxpayers should be aware of the RCM regulations as well as the applicable dates for discharging GST debt through it.

Why Should You Keep a Close Eye on the GST Calendar 2023-24?

Here is a detailed explanation of why you should follow the crucial GST Dates 2023-24:

Avoid fines and interest

Businesses can avoid fines and interest fees by following the GST calendar on time. Penalties for non-compliance, such as late return filing or delayed GST payments, can range from a fixed amount to a percentage of the tax payable. In addition, late payments incur interest charges. These financial responsibilities can significantly affect a company’s profitability and cash flow.

Maintain Good Standing with Authorities

Maintaining GST compliance demonstrates a company’s commitment to meeting its tax obligations. This builds trust with tax officials and keeps a good reputation. Furthermore, it reduces the likelihood of inspections or audits because businesses that consistently comply with GST regulations are viewed as reliable taxpayers.

Claim Input Tax Credit (ITC)

To be eligible for Input Tax Credit, a company must guarantee that all of its suppliers have appropriately filed their GST returns. Suppliers must file returns on schedule to ensure that ITC is available to firms. Suppliers who fail to submit their refunds by the deadline may have an influence on the recipient’s ITC.

Prevent late reconciliation and errors

Businesses that submit GST returns on time can rapidly reconcile their financial records. Reconciliation may become more complicated and time-consuming due to inaccuracies in financial data caused by late submission.

Be prepared for a GST audit

During a GST audit, tax inspectors look at how well taxpayers follow GST requirements. Businesses can make the GST audit process more manageable and less stressful by adhering to the GST Tax Calendar 2023-24 and keeping their records accurate and up-to-date.

Plan for Tax Payments

Businesses that are aware of the GST payment deadlines can better manage their cash flow and budget. This prevents last-minute financial difficulties and ensures that enough money is available to cover tax payments.

Avoid system congestion and last-minute rush

Filing returns and sending payments close to the deadline may generate system congestion on the GST portal. This could cause technical challenges and make submitting returns difficult. Avoiding the last-minute rush allows for seamless online transactions.

Compliance as Business Ethics

Strict adherence to the GST calendar demonstrates the firm’s solid compliance culture. It underlines the importance of following laws and regulations while setting a positive example for employees and stakeholders.

Businesses must strictly adhere to the GST calendar, which is not only mandated by law but also a sensible decision. It helps to prevent fines, maintains good relationships with the government, ensures efficient operations, simplifies tax planning, and fosters a compliance-driven business culture.

Also Read: Penalty And Offences Under GST

The consequences of missing GST deadlines

Missing the GST deadline can harm businesses in a variety of ways. Non-compliance with Goods and Services Tax (GST) legislation can have a significant impact on a company’s reputation and sustainability because of the financial and operational ramifications. The implications of missing the GST deadline are as follows:

Penalties & Interest

One of the most severe consequences of failing to meet the GST deadline is the imposition of penalties and interest. Late submission of GST returns or delayed payment of GST liabilities incur penalties, which can be a fixed sum or a percentage of the tax payable. For each day of late payment, interest is applied to the outstanding taxes.

Cash Flow Disruptions

Late filing or payment might impede a company’s ability to manage its cash flow effectively. The availability of funds for ordinary company activities may be impacted by the buildup of interest and penalties, which can lead to unexpected financial troubles.

Inability to claim the Input Tax Credit (ITC)

Suppliers must file GST returns in order to obtain ITC. The recipient’s ability to claim ITC on qualified purchases may be jeopardized if suppliers do not file their returns on time, raising the recipient’s tax liability.

Loss of business credibility

Consistently failing to meet GST deadlines might harm a company’s credibility. It calls into question the company’s financial management methods and has the potential to reduce consumer, supplier, and stakeholder confidence.

Tighter Inspection by Tax Authorities

Tax authorities may become more interested in persistent non-compliance, resulting in more rigid inspections and audits. Being constantly observed can divert substantial time, resources, and attention away from critical business operations.

Blocking of E-Way bills

E-way invoices may be restricted if GST returns are not filed on time or late. E-way bills are vital for transporting goods, and their blocking can disrupt supply chains and operations.

Lost Input Tax Credit (ITC) Claims

Delays in filing returns may result in missed opportunities to fix mistakes and make valid ITC claims. This may result in higher tax bills for the company.

Legal repercussions

If you frequently fail to meet GST deadlines and violate tax regulations, tax authorities may take legal action, including prosecution.

Delay in GST Refund Processing

Filing returns beyond the deadline may cause delays in GST refund processing. If businesses are unable to get payments on time, they may face working capital challenges.

Missing the GST deadline can have severe consequences for businesses, ranging from GST penalties and fines to cash flow concerns, reputational harm, and legal repercussions. Companies can prevent these adverse effects and operate efficiently within the GST framework by implementing a solid compliance system and executing GST legislation.

Wrapping It Up

The calendar month of March 2024 is enjoyable for many compliance due dates under the Goods and Services Act and the Income Tax Act. To avoid severe penalties, taxpayers must file the relevant paperwork by the given timeframes.

However, please keep in mind that these deadlines may be extended based on stakeholder feedback and current circumstances. Rest assured that we will keep you updated on any changes or extensions to ensure you remain compliant. Remember that timely filing is critical to avoiding costly penalties and maintaining a smooth company journey.

FAQs

• What is the final date for GSTR 1 in 2024?

The last day to file the GSTR-1 form is March 11, 2024, for taxpayers with annual aggregate revenue of more than INR 1.5 crore or who have chosen monthly return filing.

• What is GST yearly compliance?

Annual GST compliance includes the submission of a complete report on company activities linked to the transaction of goods and services during a fiscal year.

• Is Gstr-1 calculated monthly or quarterly?

Yes, if you choose the QRMP plan, you would be required to file both Form GSTR-1 and Form GSTR-3B quarterly. However, payments for tax dues must be made on a regular basis via a challan.

• What is the deadline for filing a GST return every month?

It comprises information about all supplies made through the e-commerce platform, as well as the TCS collected on them. The GSTR-8 return is due on the 10th of each month.

• How can I verify my GST compliance rating?

When a firm is registered, the owner will receive a GSTIN (Goods and Services Tax Identification Number). This number will allow you to keep track of your compliance rating. Once the scores are made available on the GST Network (GSTN), you can use this number to find out what your rating is.

• Which year marks GST Day in India?

The tax went into force on July 1, 2017, when the Indian government implemented the One Hundred and First Amendment to India’s Constitution. GST Day is celebrated on July 1. The GST replaced the many taxes levied by the central and state governments.

• What is GST non-compliance?

Failing to account for commodities on which a person is required to pay taxes.

• What constitutes a GST-compliant invoice?

A GST invoice is a statement or receipt for goods or services supplied to a consumer by a merchant or service provider.

• Is Gstr-3B mandatory?

Form GSTR-3B must be filed by all regular and casual taxpayers, even if they do not conduct business during that tax period.

• Who can seek a GST refund?

You may be entitled to a GST refund if you have paid excess tax, exported products or services, made zero-rated supplies, declared lower income than presumptive income, or have unutilized input tax credits.

Shraddha Vaviya Content Writer

With several years of experience, I am deeply passionate about writing and enjoy creating content on topics such as GST, tax and various finance-related subjects. My goal is to make complex financial matters understandable for readers by simplifying them.

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