How to Manage GST Returns with Monthly Schedule

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Published Date:  22-01-2024   Author:   vidya-sagar
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GST is a destination-based consumption tax that is applicable on the supply of goods and services. By subsuming multiple state and central taxes, it has eliminated the cascading effects of taxes and benefited both consumers and the government. By lowering the cost of goods and services, GST has made our products globally competitive and helped boost our economy. The uniform indirect tax has given a major boost to the ‘Make in India’ initiative of the government. It has removed economic barriers and created a common national market, improving competitiveness and paving the way for an integrated economy.

The government has provided a technology-driven interface for registration, payment of taxes, and filing of returns. As all compliance processes are conducted online through GSTN, human intervention is minimized, leading to speedy decisions. The electronic matching of invoices for claiming eligible input tax credits makes the process transparent and efficient. E-invoicing and auto-population of returns have improved accuracy, made compliance easier for taxpayers, and helped tax authorities monitor the information that taxpayers provide on the portal.

What is a GST return?

GST return is a document that contains all the information about sales, purchases, tax collected and paid, etc. The taxpayer must pay the tax liability while filing the returns. All taxpayers registered under GST whose annual turnover exceeds a specified limit must file GST returns. By integrating the buyer’s and seller’s information through the returns filed by the taxpayer, the tax authorities ensure that the correct input tax credit is availed of and accrues to the right beneficiary.

Though the tax authorities have taken many measures to facilitate and ease compliance for taxpayers, they have also prescribed strict provisions to ensure taxpayers follow the rules. Filing returns is one of the most important parts of compliance under GST. So, it is important for taxpayers to file accurate returns before the due dates to avoid penalties and other legal consequences. So how can the taxpayer take care of this important aspect of compliance? The answer is a GST calendar.

What is a GST calendar?

A comprehensive GST calendar serves to ensure that the taxpayer meets his compliance requirements. The government regularly announces the due dates for filing GST returns through notifications. Taxpayers must note the due dates in a calendar or make a schedule and file the returns before the due date. Non-filing within the due dates or late filing may lead to late fees and other penalties. Maintaining a compliance calendar is the best way to avoid missing the deadline for filing the returns. The type of GST return varies for taxpayers, depending on the nature of their business. This is the format of the full-year calendar for GST compliance:

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Full-year calendar view of GST returns for 2024, highlighting the important dates:

Calendar 2024

January   February   March
S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 6 1 2 3 1 2
7 8 9 10 11 12 13 4 5 6 7 8 9 10 3 4 5 6 7 8 9
14 15 16 17 18 19 20 11 12 13 14 15 16 17 10 11 12 13 14 15 16
21 22 23 24 25 26 27 18 19 20 21 22 23 24 17 18 19 20 21 22 23
28 29 30 31 25 26 27 28 29 24 25 26 27 28 29 30
31
April May   June
S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 6 1 2 3 4 1
7 8 9 10 11 12 13 5 6 7 8 9 10 11 2 3 4 5 6 7 8
14 15 16 17 18 19 20 12 13 14 15 16 17 18 9 10 11 12 13 14 15
21 22 23 24 25 26 27 19 20 21 22 23 24 25 16 17 18 19 20 21 22
28 29 30 26 27 28 29 30 31 23 24 25 26 27 28 29
30
July   August   September
S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 6 1 2 3 1 2 3 4 5 6 7
7 8 9 10 11 12 13 4 5 6 7 8 9 10 8 9 10 11 12 13 14
14 15 16 17 18 19 20 11 12 13 14 15 16 17 15 16 17 18 19 20 21
21 22 23 24 25 26 27 18 19 20 21 22 23 24 22 23 24 25 26 27 28
28 29 30 31 25 26 27 28 29 30 31 29 30
October November December
S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 1 2 1 2 3 4 5 6 7
6 7 8 9 10 11 12 3 4 5 6 7 8 9 8 9 10 11 12 13 14
13 14 15 16 17 18 19 10 11 12 13 14 15 16 15 16 17 18 19 20 21
20 21 22 23 24 25 26 17 18 19 20 21 22 23 22 23 24 25 26 27 28
27 28 29 30 31 24 25 26 27 28 29 30 29 30 31

 

Also read: HSN and GST Rate for Books, Newspapers, Calendars

Due dates for filing returns in January 2024

The due dates of the returns for January 2024, can be summarized as follows:

January 2024

Due Date

                  Type of Return

Form and Filing Mode

11-01-2024 Statement of outward supplies for taxpayers with an aggregate annual turnover of more than 1.5 crore rupees in a financial year and who have opted for monthly return filing GSTR-1
13-01-2024 Statement of outward supplies for taxpayers with an aggregate annual turnover of up to 1.5 crore rupees in a financial year and who have opted for quarterly return filing. GSTR-1
20-01-2024 Summary return of all inward and outward supplies, tax liabilities and ITC claim to be filed by taxpayers whose annual turnover is more than 5 crore rupees in the previous financial year GSTR 3B
20-01-2024 Summary return of GST liabilities of taxpayers whose annual Turnover of up to 5 crore rupees in the previous financial year GSTR 3B
30-04-2024 Annual return for composite dealers for the year 2023–24 GSTR-4
20-01-2024 Statement of GST liabilities to be filed by non-resident and ODIAR services provider; to file Monthly GSTR-5 & 5A
13-01-2024 Return of distribution of credit (ITC) among its units filed by Input Service Distributors (ISD) GSTR-6
10-01-2024 The return of tax deducted at source filed by persons who deduct tax at source at the time of paying suppliers towards inward supplies that they provide. GSTR-7
10-01-2024 The return to be filed by e-commerce operator registered under GST is liable to collect tax at source GSTR-8
31-12-2024 All taxpayers registered under GST must file the annual return , and reconciliation statement for the particular financial year. GSTR 9 & 9C
18-01-2024

 

18-04-2024

Summary of self-assessed tax by composite taxable persons for the quarter of Oct. 23 to Dec. 23

For the quarter of January 24 to March 24

 

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CMP-08

End of 18 months Refund of taxes to eligible persons RFD -10
31-03-2024 Refund for taxpayers wishing to make exports without paying taxes RFD -11
3 Months from date of cancellation or date of order of cancellation A final return to be filed by persons who have opted for cancellation or surrender of GST registration and have obtained the order of cancellation GSTR-10

 

Also Read: GST Compliance Calendar December 2023

Late fee and Interest for delayed filing of returns

The taxpayer is liable to pay a late fee of Rs. 50/- per day (Rs. 25/- for CGST and SGST each) and Rs. 20/- per day (Rs. 10/- for CGST and SGST each) in case of a nil return, subject to a maximum of Rs. 5000/-, from the due date up to the date when the GST returns are filed. Interest at 18% is also applicable for late payments. The interest is calculated on the number of days from the due date up to the date of filing.

Steps to manage GST compliance efficiently

  • Maintain Proper Records

Maintaining correct records of all the financial transactions is important, as invoice details are matched and crucial data is auto-populated in the returns. Mismatches can result in inaccurate computation of ITC and lead to reversal of ITC and penalties.

  • Accurate and Timely Return Filing

Taxpayers must report the invoice details of the transactions accurately, as mismatches can lead to inaccurate ITC claims. Then the taxpayers may receive notices from the department and the ITC reversed, which may result in penalties and other consequences.

  • Regular Reconciliations

Taxpayers must conduct regular reconciliations of returns with the books of account before filing the returns. If any discrepancies are observed, they must be set right by contacting the concerned counterparties. The returns cannot be modified once they are filed.

  • Cooperate with the GST authorities

Taxpayers must promptly reply to the queries made by the tax authorities. When they receive notices about mismatches, they must make efforts to rectify them within the time specified by the authorities.

  • Use of Technology

Taxpayers must make use of technology and opt for efficient billing software to automate processes. This minimizes manual errors and accurate returns can be filed within the due dates

Conclusion

Compliance is an important aspect of GST for all registered taxpayers. Filing returns by the due date is an important part of compliance. Non-filing or late filing will result in penalties and other consequences. The best way to avoid this is by creating a monthly calendar of returns, keeping an eye on the calendar or schedule, and filing the returns on time. Further, taxpayers must be aware of the latest notifications and advisories issued by CBIC from time to time about the due dates to avoid unnecessary losses due to delays in filing. Nowadays, most billing platforms provide such calendars to make compliance easier for taxpayers.

Frequently asked questions

  1. What is the due date for filing GST returns?

Answer: There are different types of returns for different types of businesses. Based on the type of return, GST has specified the due dates within which the taxpayer has to file the returns.

  1. How can I ensure that I file my returns on time?

Answer: By enabling a comprehensive compliance calendar and monitoring the calendar every day, you can meet the deadline for filing the GST returns.

  1. Why is it important to file GST returns?

Answer: The GST return is a record of the financial transactions, tax collections, and their payment to the registered taxpayer. Under GST law, it is mandatory for registered taxpayers to file GST returns with details of sales, purchases, input tax credit, and tax liability within the specified due date.

  1. Should I file a GST return even when there are no transactions to report in my business?

Answer: You must file a nil return when there are no transactions in a particular tax period.

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Vidya Sagar

Vidya Sagar has post graduate and Law graduate qualifications. She has worked in the finance industry for many years. She is passionate about writing and keen on writing articles related to tax, accounting, audit and other finance related topics. She likes to simplify complex financial matters to help her readers understand easily. She reads a lot in her spare time and keeps herself updated with the latest financial news. She likes helping people in all their financial and compliance requirements

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