Mangaluru, Jan 12: As we approach the end of the year, businesses and professionals need to stay vigilant about their tax compliance responsibilities. The Goods and Services Tax (GST) calendar for December 2023 is packed with crucial deadlines that require attention and action. In this post, we will discuss the key dates and considerations to ensure a smooth and compliant year-end for GST filings.
Importance of GST Calendar
The GST calendar stands as a fundamental resource for businesses and professionals alike, serving as a comprehensive roadmap that delineates crucial dates for meeting their tax obligations. An adept understanding of this calendar is paramount, as it aids in steering clear of unwarranted interest, late fees, and potential legal consequences. The Central Board of Indirect Taxes and Customs (CBIC), demonstrating a proactive approach, consistently adjusts GST dates in response to evolving regulatory scenarios, underscoring the need for taxpayers to remain updated.
By adhering to the prescribed schedule, businesses can ensure a seamless and compliant engagement with the GST framework. You can also avail of third-party services to easily file your GST or make GST online payments. The dynamic nature of the GST calendar necessitates a constant awareness of amendments and modifications, reflecting the adaptability of the tax landscape. This underscores the importance of businesses and professionals staying abreast of changes, as failure to do so could result in non-compliance and delays.
Overview of GST Returns Filing Structure
Before learning about the specific December deadlines, it's important to understand the GST returns filing structure. Regular taxpayers, with an annual turnover exceeding Rs. 5 crore, engage in the monthly filing of GSTR-1 and GSTR-3B. However, the tax landscape underwent a transformative shift with the advent of the Quarterly Return filing and Monthly Payment of Taxes (QRMP) scheme. This scheme extends a lifeline to businesses with turnovers up to Rs. 5 crore, allowing them to opt for a quarterly filing of form GSTR-1 and GSTR-3B .
On the flip side, composition taxable persons chart a different course in their GST journey. Filing CMP-08 on a quarterly basis and GSTR-4 annually, these entities adhere to a distinct set of filing obligations. Additionally, the GST ecosystem introduces various other forms, including GSTR-5, GSTR-6, GSTR-7, and GSTR-8, tailored to specific taxpayers for their entities and transactions. This diversity underscores the nuanced nature of GST compliance, necessitating a keen understanding of the applicable forms and filing timelines for a seamless and error-free compliance journey.
Key GST Dates in December 2023
GSTR-1 Quarterly Filing (For Businesses with Turnover up to Rs.5 Crore and opted for QRMP Scheme):
- Quarter: October-December 2023
- Due Date: 13th January 2024
GSTR-1 Monthly Filing (For Businesses with Turnover more than Rs.5 Crore or not in the QRMP Scheme):
- Month: December 2023
- Due Date: 11th January 2024
GSTR-3B Monthly Filing (For Businesses with Turnover more than Rs.5 Crore or opted to file monthly return)
- Month: December 2023
- Due Date: 20th January 2024
GSTR-3B Filing (Quarterly) for Category X States/UTs:
- Quarter: October-December 2023
- Due Date: 22nd January 2024
GSTR-3B Filing (Quarterly) for Category Y States/UTs:
- Quarter: October-December 2023
- Due Date: 24th January 2024
CMP-08 Filing (Quarterly):
- Quarter: October-December 2023
- Due Date: 18th January 2024
GSTR-5 (Monthly for Non Residents taxable person / business):
- Month: December 2023
- Due Date: 13th January 2024
GSTR-5A (Monthly for Non-Resident online information and database access or retrieval (OIDAR) service provider for services rendered to unregistered or non-taxable consumers):
- Month: December 2023
- Due Date: 20th January 2024
GSTR-6 (Monthly for Input Service Distributor):
- Month: December 2023
- Due Date: 13th January 2024
GSTR-7 (Monthly for persons / organization (usually Government entities) who deduct tax at the time of making/crediting payment to suppliers towards the inward):
- Month: December 2023
- Due Date: 10th January 2024
GSTR-8 (Monthly for e-commerce operators):
- Month: December 2023
- Due Date: 10th January 2024
GSTR-11 (Monthly for registered taxpayer who have been issuedUnique Identity Number (UIN)):
- Month: December 2023
- Due Date: 28th January 2024
Note: The due dates mentioned are subject to changes notified by the concerned department.
Considerations for Businesses
- QRMP Scheme Opt-in/Opt-out
Small taxpayers with turnover up to Rs.5 crore can opt in or out of the QRMP scheme for the January-March 2024 quarter. This decision must be made on or before 31st January 2024.
- Invoice Furnishing Facility (IFF)
Taxpayers under the QRMP scheme who opted for the Invoice Furnishing Facility (IFF) need to ensure the timely upload of B2B invoices for the relevant period. This facility simplifies the quarterly GSTR-1 filing process.
- Category-wise Classification for GSTR-3B (Quarterly)
Businesses should correctly identify their category (X or Y) for GSTR-3B filing based on their state or union territory. This classification determines the quarterly filing due dates.
- Special Transactions Reporting
Businesses involved in special transactions covered by forms like GSTR-5, GSTR-5A, GSTR-6, GSTR-7, and GSTR-8 must ensure timely and accurate reporting to avoid non-compliance issues.
Conclusion
Understanding and adhering to the December Goods and Services Tax deadlines are crucial for businesses aiming for seamless compliance and avoiding penalties. The dynamic nature of GST regulations necessitates constant vigilance, and leveraging technology solutions can streamline the e filing portal process. As 2023 ends, businesses should reflect on their GST compliance journey and prepare for a new year of challenges and opportunities.